America’s debt ceiling crisis is averted. On Wednesday, the US House of Representatives passed a bill to increase the debt ceiling.
US Finance Minister Janet Yellen had said that if the US Parliament does not increase the debt limit by June 5, then the US government will not be able to meet its expenses.
News Of Relief For America
The US Senate has passed a bill to suspend the country’s debt ceiling until January 1, 2025. In such a situation, passing a bill to increase the debt limit in one house of the US Parliament is news of relief for the US economy.
Late Thursday, a day after 149 Republicans and 165 Democrats voted for the legislation in the House of Representatives, CNN reported that the bill passed by a 63-36 vote.
Biden Can Address The Nation Today
The bill will now be sent to President Joe Biden to be signed into law. The President is planning to address the nation on Friday at 7 pm. The debt ceiling is a spending limit set by the US Congress that determines how much money the government can borrow.
The chamber was opposed by 31 Republicans, including John Barrasso, a member of the party’s leadership.
The 4 Democrats who voted were left-wing senators Bernie Sanders, John Fetterman, and Elizabeth Warren. Senators first proposed 11 amendments to the debt ceiling bill, but they were all rejected quickly, paving the way for a final vote.
President Biden said on Twitter that just now, senators from both parties voted to protect our hard-earned economic progress and prevent a first-time default.
