The budget agreement between Republican congressmen and the US administration stipulates that the US public debt ceiling will be increased by January 1, 2025.
Draft text published area Kevin McCarthy, Speaker of the US House of Representatives.
“Temporary increase in public debt ceiling <...> Until January 1, 2025,” the document says.
The agreement states that the national debt ceiling will be reached on January 2, 2025, which could lead to default if the government does not take emergency measures or raise the limit again.
Former US President Joe Biden knowledgeablethat this agreement removes the threat of a catastrophic default and preserves the results achieved in the economic recovery.
But May 28 Bloomberg WroteBiden’s position in the 2024 presidential election may be shaken if the US public debt limit is raised.
Source: Gazeta
Emma Matthew is a political analyst for “Social Bites”. With a keen understanding of the inner workings of government and a passion for politics, she provides insightful and informative coverage of the latest political developments.