Congress approves debt deal, averting a US default

[Social Media]

The US Congress has approved a deal to lift the country's borrowing limit, days before the world's largest economy is due to default on its debt.

The bipartisan measure sped through the Senate by a vote of 63-36, a day after it cleared the US House of Representatives.

President Joe Biden has said he will enact the measure into law.

His signature on the bill will spare the US from a catastrophic default on its $31.4tn (£25tn) debt.

The country is forecast to overshoot its current debt ceiling on Monday 5 June.

• What's in US debt ceiling deal and who won?
• A simple guide to the US debt ceiling

A default would limit the government's ability to borrow more money or pay all of its bills. It would also threaten to wreak havoc overseas, affecting prices and mortgage rates in other countries.

[ThailandRyan]

Now lets see what those who wanted to see a default have to say.  Wonder if the republicans who voted for the deal will face the wrath of the former POTUS.  Hopefully the US can get on the right footpath and start moving forward.  The divisiveness has to end.  Read an article earlier where it said the party of Regan is dying. Apparently Lindsey graham threw a senate floor tantrum with the current vote on the debt ceiling.

 

'The party of Reagan is dying!' Lindsey Graham throws Senate floor tantrum about debt ceiling deal (msn.com)

Edited June 2, 2023 by ThailandRyan