According to Senate Democratic Majority Leader Chuck Schumer, the US will be able to avoid default tonight.
All 100 senators came to an agreement to discuss 11 amendments, and then immediately vote for a bill to increase the public debt. If the plan succeeds, Congress will quickly send the bill to the president for signature. The House of Representatives passed the bill on Wednesday.
“America can breathe a sigh of relief because in this process we will avoid default,” Schumer added during his Senate speech.
Schumer and fellow Republican Minority Leader Mitch McConnell vowed to do whatever they can to expedite the bill negotiated by Biden and Republican House Speaker Kevin McCarthy.
The threat of default in the US
Due to the fact that the United States for a long time can not increase the national debt limit, the country is threatened with default. The latest possible date for raising the national debt limit is June 5. In the event of a default, the government will not be able to borrow money to cover expenses, it will also affect financial markets and interest rates.
Yesterday, the US House of Representatives supported a bill to raise the US debt ceiling of $31.4 trillion, subject to new federal spending cuts. The White House also said that the adoption of the bill would not affect the support of Ukraine.
2023-06-02 02:21:16
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