America Avoids Bankruptcy as Debt Ceiling Deal is Passed by Congress
The US House of Representatives has successfully passed a bill to raise the debt ceiling, just five days before the deadline set by the Treasury. The deadline for increasing the debt limit was June 5. If the bill had not been passed, America would have gone bankrupt for the first time in history. The debt ceiling deal was reportedly discussed in a meeting between US President Joe Biden and House Speaker Kevin McCarthy.
Highlights:
– The US House of Representatives has passed a bill to raise the debt ceiling, averting bankruptcy for the country.
– The last date to increase the debt limit in the US was June 5.
– The debt ceiling deal was reportedly discussed in a meeting between US President Joe Biden and House Speaker Kevin McCarthy.
The bill was supported by both Democrats and Republicans in Congress. Democrats supported the bill by 165-46, while Republicans supported it by 149-71 votes. The debt ceiling dispute arose from the fact that the US government legally takes loans to meet its expenses and obligations. According to the American Constitution, Congress has the right to control government expenditure, and the government can only borrow up to a prescribed limit with the permission of Congress.
The opposition Republican Party, which has a majority in the US House of Representatives, had initially opposed the bill to increase the debt limit. However, the party ultimately supported the bill, leading to its successful passage. Failure to raise the debt ceiling could have emptied America’s coffers and had a significant impact on the global economy.
In other news, the wealth of Mukesh Ambani and Gautam Adani is currently more than the cash reserves of America. According to the Bloomberg Billionaires Index, 31 billionaires in the world have more wealth than America’s cash reserves. As of May 25, the US Treasury had only $38.8 billion left in cash.
English summary:
– The US House of Representatives has passed a bill to increase the debt ceiling, averting bankruptcy for America.
– Failure to raise the debt ceiling could have had a significant impact on the global economy.
– Mukesh Ambani and Gautam Adani’s wealth is currently greater than America’s cash reserves.
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