Passing the debt ceiling bill, the US House and Senate have allowed the US to continue to borrow more money. The bill was approved by the Senate by a 63-36 vote, receiving support from members of both Democrats, Republicans and independents.
The next step is for the bill to be signed by President Joe Biden to become official. When this happens, the borrowing limit above $31.4 trillion will be suspended. Previously, many had predicted that the government would reach its borrowing limit on June 5. However, with approval from both the House and Senate, the US could avoid default.
A default would limit the government’s ability to borrow more money and pay bills that come due. It can also damage other countries and affect prices and interest rates.
Before the final discussion in the Senate, there was some debate. Initially, senators proposed 11 amendments to the debt ceiling bill. However, all the amendments were rejected, paving the way for a final vote.
Now, even if one of the amendments is passed, the entire bill will be sent back to the House of Commons, complicating the situation. However, President Biden has committed to signing this into law as soon as possible and sees it as a huge win for the American economy and people. He also emphasized that the work of regulators is still far from over.
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