Critical vote in favor of the US debt limit
The bill to suspend the debt ceiling, created by US President Joe Biden and Speaker of the House Kevin McCarthy, passed the House of Representatives yesterday, clearing a major hurdle.
The bill, which will suspend the US government’s $31.4 trillion borrowing limit and place new restrictions on federal spending, is expected to be voted on today.
The bill passed by a 6-7 vote in the US House of Representatives committee yesterday. Two Republican representatives on the committee, Chip Roy and Ralph Norman, opposed the bill.
MESSAGE FROM THE TREATMENT FROM THE LEADERS
The results of the vote highlighted the need for Democratic support for the bill to pass the House of Representatives. Republicans are in the majority in the House of Representatives with 222 seats to 213.
McCarthy said yesterday that he is confident that the bill to increase the debt ceiling will receive the support of a sufficient number of Republicans, while House Minority Leader Hakeem Jeffries, a Democrat, said he does not see no problem getting support for the debt limit bill.
MUST BE APPROVED BEFORE JUNE 5
The bill, which will go to the Senate if approved by the House of Representatives, must be approved by Congress before June 5. The US Treasury Department may file for insolvency on June 5 for the first time in the country’s history.
The Treasury’s inability to service its debts may cause turmoil in US and global markets. (REUTERS, AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
