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Congress raises US public debt ceiling to spare the country from default

2021-10-13T08:44:56.177Z

Washington, SANA- The US Congress approved last night a bill raising the public debt ceiling for the United States to



Washington-Sana

Last night, the US Congress passed a bill raising the public debt ceiling for the United States until the end of the year in a temporary measure that avoids the country from falling into default for the first time in its history.

According to Agence France-Presse, the draft text raises the country's public debt ceiling by 480 billion dollars, which will allow Washington to fulfill its financial obligations until the beginning of next year.

After the Senate passed the bill last week, the House of Representatives approved the text thanks to its Democratic majority, with 219 deputies voting for the bill and 206 against it.

With its approval in Congress, the text will be transmitted to President Joe Biden, who will sign it immediately, according to what the White House announced.

This law temporarily removes the specter of default and its catastrophic consequences from the United States.

And the chief economist at the International Monetary Fund, Gita Gopinat, considered that the United States should find a long-term solution to manage its debt, and said at a press conference on the occasion of the publication of the Fund’s global economic outlook that “this can happen by replacing the debt ceiling with a kind of budget target for the term.” average, or through an automatic raising of the debt ceiling.

"The constant repetition of this problem in Congress is of course not good for the proper functioning of the economy," she added, noting that this creates mistrust, especially in the markets.

Source: sena

All business articles on 2021-10-13

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