“US Debt Ceiling Bill: Latest Updates, Senate Review and Potential Economic Impact”

2023-06-01 01:55:03

The bill will now go to the Senate, where it is supported by both Majority Leader Chuck Schumer and Minority Leader Mitch McConnell. However, the review might take several days.

However, the vote must take place this weekend, days before the deadline to avoid non-payment, that is, June 5.

As soon as the law is approved by both houses, it will go to the table of President Joe Biden for his signature. With this, the US borrowing limit would be suspended until January 1, 2025.

On May 29, Biden urged Congress to approve the agreement he reached with the incumbent of the House of Representatives, Republican Kevin McCarthy, on raising the debt ceiling. According to the president, to reach the agreement he promised to cut government spending.

In a brief press conference at the White House, Biden said the deal rules out “the worst possible economic crisis” and avoid falling into a default for the first time in United States history.

The deal will keep non-defense spending roughly the same as fiscal year 2024, while increasing 1% in fiscal year 2025.

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