US President Joe Biden hopes to have clarity on an agreement with the US Congress on the debt ceiling by the end of today, the White House press pool reports.
“I am full of hope that by the end of today we will be able to reach an agreement,” – White House journalists quote the President’s words about an agreement with Congress on the national debt ceiling.
The Treasury Department, in a letter to Congress on Friday, warned that the US would be unable to fully service obligations by June 5 if lawmakers did not authorize an increase in borrowing limits by that time. Previously, June 1 was indicated as the probable default date.
The current US debt ceiling is $31.4 trillion. It was reached back in January, when the government, in order to avoid a default, took “extraordinary measures” – the suspension of contributions to social funds for state employees.
Usually, Congress increases borrowing limits almost automatically, but this time the Republican opposition, which controls the House of Representatives, demanded several trillion dollars in budget cuts in return. The Republican bill passed the House of Representatives, but has no chance in the Democratic Senate and with President Joe Biden, who has indicated that he will veto the document if it comes to that.
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2023-05-27 00:30:00