The US Congress, in a race against time, definitively prevented on Thursday night [in the early hours of this morning Cyprus time] the risk that the US would be forced to declare a default on June 5 .
The Senate approved, with a comfortable majority (63 votes to 36), the draft law that suspends until January 1, 2025 the borrowing limit of the federal state, which was already approved on Wednesday by the House of Representatives. Now all that remains is for President Joe Biden to ratify it.
The text, the result of tough and bitter negotiations between the administration of the octogenarian Democrat and the opposition Republicans, will allow the US government to continue to cover all its obligations in the period until and after next year's elections, in exchange for extensive cuts in the projected public spending.
President Joe Biden rules out suspension of federal debt limit, calls 'big win' for America
US President Joe Biden expressed satisfaction with the vote in the Senate on Thursday night [ss. this morning Greek time] which approved the bill that suspends the federal borrowing limit until 2025.
This is a “great victory for our economy and for the American people,” the octogenarian emphasized. Democratic head of state, according to a press release released by his services, adding that he is “eager” to sign the text, the fruit of hard and bitter negotiations between the White House and the opposition Republicans, which will allow the state to continue to cover all his obligations in the period up to and after next year's elections, in exchange for extensive cuts in public spending.
