US Congress approves bipartisan legislation to suspend debt ceiling.
According to the World News Agency, the US Senate and House of Representatives, supporting President Joe Biden, lifted the government’s $31.4 trillion debt limit and approved borrowing more than that.
In the Senate, 63 votes were in favor while 36 were against. Earlier, the bill was also passed by the House of Representatives on Wednesday with 314 members in favor and 117 opposed.
President Joe Biden will sign the bill into law today or tomorrow.
After becoming law, the current government’s legal limit on further federal borrowing will be suspended until January 1, 2025, meaning the US government will be able to borrow more than the limit (31.4 trillion billion) until that date.
It should be remembered that the ruling party Democrats and the opposition party Republicans had agreed to approve the bill after months of opposition and criticism.
A few days ago, the US Treasury Department warned that if Congress failed to pass the bill unanimously, there would be no money to make the payments on June 5 and the country would default.
President Joe Biden praised the timely session of Congress and the passage of the bill, saying that the bipartisan agreement is a big win for our economy and the American people.
It should be noted that the opposition party, the Republicans, opposed this bill and took a stand that the people cannot be burdened for government luxury.
To prevent a historic default, the US Congress authorised a debt ceiling suspension through bipartisan legislation.
Today or tomorrow, President Joe Biden will sign the measure into law.
