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Tuesday, March 19, 2024

US – Debt Limit: The deal passed the House of Representatives

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HΠΑ – Οριο ΧρΕου&sigma ;: Η συμφωνΙα πΕρασε το εμποδιο της Βουλorς των Αντιπροσoπων

It now remains to be passed in the Senate, which is asked to vote as soon as possible

Members of the House of Representatives on Wednesday overwhelmingly approved the bill that suspends the debt limit, thus removing a little more the specter of a US default, which would have devastating consequences for the American and global economy.

Last night [local time; in the early hours of this morning Greek time] the bill received 314 votes, 165 Democrats and 149 Republicans, while 117 members of the body voted against it, 71 Republicans and 46 Democrats.

It now remains to be adopted by the Senate, which is called on to vote as soon as possible, with the leader of the majority of the Democrats, Chuck Schumer, assuring earlier yesterday that he will table it for debate and a vote “as soon as possible” to “avoid default”.< /p>

The result of marathon and tough negotiations that ended over three days on Memorial Day, the bill allows for the avoidance of the worst-case scenario, which was a default by the US federal government next Monday.

To avoid this potentially devastating scenario for the world's largest economy, President Joe Biden and House Speaker Kevin McCarthy reached an agreement that, like all compromises, satisfied no one.

Before the vote, the Republican “speaker” admitted that there is no unanimity in his party, while expressing his optimism and emphasizing that “today, we will adopt the largest cuts in public spending in American history”.

Due to a lack of cross-party discipline, Democratic leaders, while chafing at being forced to overhaul the budget and cut spending, vowed to provide the votes needed to pass the bill.

“The members of the Parliament will make sure that the country does not declare bankruptcy. Perfect, that's all,” said their leader Hakeem Jeffries.

“We're not going to let the extremist Republicans sink our economy and make the American people suffer,” he said later in the semi-circle, expressing hope that Mr. McCarthy would secure at least two-thirds of the GOP caucus's 150 votes. votes.

Republicans control the House by a slim majority (222-213).

President Biden went to Colorado last night and before leaving said he hoped the bill would has been approved by the House of Representatives before it reaches the state of the American West.

“By the time I land Congress will vote, the House will vote, and we will have taken another step,” said the octogenarian Democrat, who had already “strongly” urged the chamber to take up the bill the day before.

After the vote, he spoke of “good news for the economy and Americans,” urging the Senate to “pass” the bill “the fastest so I can sign it”.

source: kathimerini.gr

Source: 24h.com.cy

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