an hour agoAmerican Senate Votes to Raise Debt ceiling
Periskopi(5 years ago)
(5 years ago)The United States Senate voted to extend the government's authority for borrowing until December, thus avoiding its failure to pay off debts. The vote by 50 votes to 48 against the U.S. government's debt ceiling for nearly half a trillion dollars. The move is expected to pass into the Chamber [...]
The vote by 50 votes to 48 against the U.S. government's debt ceiling for nearly half a trillion dollars.
The move is also expected to pass to the House of Representatives, even though it is not clear when the vote will take place, while then President Joe Biden will pass for signing.
Lawmakers will have to address their differences by 3 December, when the provisional measure expires.
The Senate has been under pressure to vote on the increase of the debt limit, as the Treasury Department has warned that if Congress does not do so by October 18th, the United States will face a historic failure in paying off debts, which would be followed by a financial crisis and economic recession.
The measure is not supported by some republics, who say the country's debt level increased to $28.9 trillion ʹ is unstable.
