The specter of default in the US has subsided with the passing of the Lower House debt ceiling suspension bill.

Inside unusual display of bipartisanship In today’s divided and polarized Washington and after weeks of intense and difficult negotiations, United States House of Representatives Ha approved this Wednesday with 314 votes in favor and 117 against Act agreed between President Joe Biden and Republican leader Kevin McCarthy suspension of the debt ceiling until 2025.

left now earring attestation Senateand although the process can be complex, this confirmation is practically certain For the support expressed by the leaders of the two parties in the Upper House. vote must come before monday June 5, the date when Treasury Secretary Janet Yellen warned that the United States would run out of money and extraordinary means to meet its obligations, The specter of US default recedesAn unprecedented event that could have disastrous consequences for the American economy and reputation, as well as for global financial stability.

More Democratic votes

In the Lower House, Republican-controlled and here extreme wing of the conservative party has been opposite The arrangement was finally given the green light, after a deal reached by its leader, who felt he had not gone far enough in his ambitions to cut spending and threatened to derail the approval. More support from Democrats (165 votes) than Republicans (149 votes).

The result has different readings in the two games, but Biden’s pragmatism who made few concessions and at the same time succeeded delaying another critical situation at least until default After the 2024 presidential election. It also allowed McCarthy shows control over the fragile majority, to have succeeded appease the threat of riot brought up by the most radical legislators. At this time, this ultra-wing has not taken any steps to try to remove him from office, in turn gaining a boosted power in exchange for confirming him as ‘speaker’ (requiring a single congressman to request it). Fireplace.

Biden Celebration

The President immediately celebrated the approval with a celebration. releaseHe assured that this was a “critical step” and urged the Upper House to pass the law “as soon as possible”. Biden described the “budget deal” that introduced cuts and spending limits for the next two years, but fell short of the most radical ambitions of the Republicans, as a two-party compromise and said, “The parties didn’t get everything they wanted. Well director’s responsibility”.

“The only way forward bipartisan commitment assured that he could win the support of both sides. I am grateful to McCarthy and he has a team “negotiated in good faith”.

Biden also thanked the “leadership” of the leader of the Democratic minority in the House, Hakeem Jeffries. This garnered the necessary votes to get a law rejected by force to be passed. party’s progressive currenttaking into account interruptions are unacceptable on some national spending programs and other elements of the agreement that harden the agreement. study requirements to access certain public benefitsCuts funds to the Treasury, speeds up authorization processes for some fossil fuel projects and kills Biden’s plan to forgive student debt.

Source: Informacion


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