America
Final pace to raise debt ceiling
On Thursday, the US Senate is considering raising the debt ceiling, which was already vetted by the House of Representatives on Wednesday.
Published
The bill allows the debt ceiling to be raised for two years after the presidential and legislative elections in 2024.
AFP/Illustration Photo by Getty Images
The US Senate on Thursday a A race against time Check a lifting pattern Loan ceiling, thereby averting the threat of a default by the world’s leading economic power. “The Senate will remain in session until we pass a text” that would raise the nation’s debt ceiling, Democratic leader Chuck Schumer promised. He has not ruled out voting this weekend.
The bill considered in the Senate was already valid as of Wednesday evening By a majority of the elected members of the House of Representatives. As a result of tough negotiations and plucked from the forceps, the deal should make it possible to avoid the worst: the country’s coffers will run dry on June 5, risking a US default.
Disaster situation
This unprecedented situation would plunge the US finances and economy, but by extension, into international obscurity. Democratic President Joe Biden and Republican House Speaker Kevin McCarthy reached this compromise to avoid a potentially disastrous situation.
The bill would cap the US debt at $31,400 billion (some 28,120 billion francs) over two years, after the presidential and legislative elections in 2024. In exchange, Democrats agreed to some spending controls, but not as much as Republicans wanted.
‘Not the luxury of waiting’
“The deal the House passed last night is an encouraging step toward fiscal consolidation, but make no mistake, there’s more to do,” said Senate Republican Mitch McConnell. Several conservative senators have already announced they will oppose the text if he calls on his colleagues to vet the deal.
A major point of contention for the left is that compromise involves changes in the conditions imposed to benefit from certain social assistance. “I cannot in my soul and conscience vote for a bill that will harm workers,” said influential Senator Bernie Sanders.
Congressional staff are currently confident of adopting the 99-page text. Last-minute compromises are actually quite common with these types of files. But Chuck Schumer insisted the Senate “doesn’t have the luxury of waiting.”
(AFP)
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