Text now goes to US President Joe Biden’s sanction; measure avoids historical default

The United States Senate approved on Thursday night (June 1, 2023), the bipartisan bill that suspends the country’s debt ceiling to avoid a default. There were 63 votes in favor and 36 against.

The text was approved on Wednesday (May 31) in the Chamber and is now pending approval by the US President, Joe Biden. The deadline for the measure to take effect, before the government runs out of money to pay its debts, is Monday (June 5).

The legislation suspends until January 1, 2025 the federal government’s debt limit, which is currently at US$ 31.4 trillion. At the same time, it limits spending over the next 2 years and accelerates measures to raise funds, such as the recovery of unused covid funds and the licensing of some energy projects.

In a statement (fullin English – 42 KB), Biden said that “senators from both parties voted to protect economic progress“that the USA”hard“conquered and avoided”the 1st default in history” American, showing that the country “pay your bills and fulfill your obligations”.

No one gets everything they want in a negotiation, but make no mistake: this bipartisan agreement is a huge win for our economy and the American people.”, declared the Democrat.

Source: https://www.poder360.com.br/internacional/senado-dos-eua-aprova-lei-que-suspende-teto-da-divida/

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