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The US Senate approves the debt ceiling deal

Politiko 2023-06-02 08:55:44

The US Senate approves the debt ceiling deal

The US Senate voted Thursday night in support of a measure that will allow the United States to continue paying its bills. The bipartisan bill, which was supported by 63 senators and opposed by 36, now goes to President Joe Biden for his signature.

"Tonight, senators from both parties voted to protect hard-won economic progress and prevent the first-ever bankruptcy of the United States," President Biden said in a statement.

The House of Representatives passed legislation with broad support from Republican and Democratic lawmakers on Wednesday to allow the government to continue borrowing more money to meet its financial obligations, exceeding the current $31.4 trillion debt ceiling.

The law does not set a new monetary limit, but the borrowing authority will be extended until January 2, 2025, two months after next year's presidential election.

Additionally, the law calls for keeping most federal spending at current levels in the fiscal year starting in October, with a 1 percent increase in the following 12 months.

The measure does not raise taxes, nor will it stop the increase in the national debt, possibly by $3 trillion or more over a year and a half, until it expires.

Other parts include a reduction in the number of new agents the tax collection agency will hire, a requirement that states return $30 billion in unspent coronavirus pandemic aid from the federal government and raising the age limit from 50 to 54. , for the age group that must work, to qualify for food aid./VOA

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