The United States House of Representatives approved this Wednesday, May 31, the bill that suspends the debt ceiling of 31.4 trillion dollars. Now, it will pass into the hands of the Senate, with a Democratic majority, which will have to give it the green light so that it reaches the hands of President Joe Biden before being enacted.
One more step to avoid the ‘default’. The House of Representatives of the United States, controlled by the Republicans, approved this Wednesday, May 31, the bill that suspends thel debt ceiling of 31.4 trillion dollars.
The lower house voted 314 in favor against 117 against to send the legislation to the Senate, which must approve the measure. The last step to get it into the hands of President Joe Biden before the deadline set for June 5.
It was a race against time. Biden had been optimistic about getting the go-ahead from the Lower House before the government federal will run out of money to pay their bills. A scenario that shook not only the country’s economy, but also the stability of the world financial system.
The vote this Wednesday comes shortly after the US president and the Speaker of the House of Representatives, Kevin McCarthy, reach an agreement on the debt ceiling. One that had generated rejection in the most conservative wing of the party, which, however, could not avoid a favorable vote for Biden.
For his part, the president was quick to react. Biden he praised the passage of the bill by the House of Representatives and urged the Senate to do so “as quickly as possible.”
“This agreement is good news for the American people and the American economy,” he said in a statement.
News in development…
Source: France 24