[BB-0]22169[BB-1]
[BB-2]A very negative scenario that could have plunged the US economy into crisis, dragging down the global economy and causing a recession[BB-3] was averted at the last minute.
[BB-4]The US Senate yesterday Tuesday approved a bill that would allow the US federal government's borrowing limit to be raised, averting the risk of the world's largest economy being forced to declare a default.[BB-5][BB-6]By their votes alone, Democratic senators approved the bill, which gives the federal government the ability to repay its debts through early 2023.[BB-7][BB-8]The House of Representatives, where Democrats hold a majority, must give the measure the green light before President Joe Biden can then sign and ratify it.[BB-9][BB-10]The debt limit - the maximum amount the US government can borrow - must be raised at all costs no later than this Wednesday, otherwise the federal government will no longer be able to repay its creditors and will be forced to cut spending.[BB-11][BB-12]This unprecedented situation would plunge the US financial markets and the US economy into crisis, dragging down the global economy and causing a recession. Yet it looks less and less likely.[BB-13][BB-14]The American people can breathe: there will be no default, assured Senate Majority Leader Chuck Schumer.[BB-15][BB-16]The text approved yesterday Tuesday by the House, the fruit of several days of negotiations, was unveiled a few hours earlier by Democratic elected officials. It raises the nation's borrowing limit by $2.5 trillion.[BB-17]
[BB-18]The White House emphasizes that it strongly supports this initiative, which will allow the U.S. Treasury to repay its obligations without causing any disruption or damage to our economy and American families. He urges Congress to adopt it immediately.[BB-19][BB-20]Raising the debt limit is normally a formality, but this time it took months of very tough negotiations in Congress, as the Republicans refused to go along with it, claiming it would give a blank cheque to Joe Biden, whom they blame for the skyrocketing inflation.[BB-21][BB-22]Democrats countered that the purpose of raising the borrowing limit was to repay obligations already incurred, including several billion-dollar expenditures during Donald Trump's presidency.[BB-23][BB-24]The Republican opposition eventually allowed them to use an elaborate parliamentary maneuver whereby the Democrats needed nothing but their own votes to raise the famous cap.[BB-25][BB-26]The adoption of the new borrowing limit will provide some relief to Joe Biden, who faces other dangers on Capitol Hill: he still has to approve the giant social and environmental aspect of his plan to better rebuild America, which calls for 1.75 trillion dollars in spending. BB-27][BB-28][BB-27][BB-28]Source: CNA[BB-29][BB-29]
[BB-30]Contents of this article including associated images are belongs [BB-31]Cyprus Times[BB-32]
Views & opinions expressed are those of the author and/or [BB-33]Cyprus Times[BB-34][BB-35]
[BB-36]Source[BB-37]
[BB-2]A very negative scenario that could have plunged the US economy into crisis, dragging down the global economy and causing a recession[BB-3] was averted at the last minute.
[BB-4]The US Senate yesterday Tuesday approved a bill that would allow the US federal government's borrowing limit to be raised, averting the risk of the world's largest economy being forced to declare a default.[BB-5][BB-6]By their votes alone, Democratic senators approved the bill, which gives the federal government the ability to repay its debts through early 2023.[BB-7][BB-8]The House of Representatives, where Democrats hold a majority, must give the measure the green light before President Joe Biden can then sign and ratify it.[BB-9][BB-10]The debt limit - the maximum amount the US government can borrow - must be raised at all costs no later than this Wednesday, otherwise the federal government will no longer be able to repay its creditors and will be forced to cut spending.[BB-11][BB-12]This unprecedented situation would plunge the US financial markets and the US economy into crisis, dragging down the global economy and causing a recession. Yet it looks less and less likely.[BB-13][BB-14]The American people can breathe: there will be no default, assured Senate Majority Leader Chuck Schumer.[BB-15][BB-16]The text approved yesterday Tuesday by the House, the fruit of several days of negotiations, was unveiled a few hours earlier by Democratic elected officials. It raises the nation's borrowing limit by $2.5 trillion.[BB-17]
[BB-18]The White House emphasizes that it strongly supports this initiative, which will allow the U.S. Treasury to repay its obligations without causing any disruption or damage to our economy and American families. He urges Congress to adopt it immediately.[BB-19][BB-20]Raising the debt limit is normally a formality, but this time it took months of very tough negotiations in Congress, as the Republicans refused to go along with it, claiming it would give a blank cheque to Joe Biden, whom they blame for the skyrocketing inflation.[BB-21][BB-22]Democrats countered that the purpose of raising the borrowing limit was to repay obligations already incurred, including several billion-dollar expenditures during Donald Trump's presidency.[BB-23][BB-24]The Republican opposition eventually allowed them to use an elaborate parliamentary maneuver whereby the Democrats needed nothing but their own votes to raise the famous cap.[BB-25][BB-26]The adoption of the new borrowing limit will provide some relief to Joe Biden, who faces other dangers on Capitol Hill: he still has to approve the giant social and environmental aspect of his plan to better rebuild America, which calls for 1.75 trillion dollars in spending. BB-27][BB-28][BB-27][BB-28]Source: CNA[BB-29][BB-29]
[BB-30]Contents of this article including associated images are belongs [BB-31]Cyprus Times[BB-32]
Views & opinions expressed are those of the author and/or [BB-33]Cyprus Times[BB-34][BB-35]
[BB-36]Source[BB-37]
