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The US House of Representatives approved a bill to temporarily stop enforcing the debt limit. If passed, the bill would extend the deadline for the country’s debt ceiling until January 1, 2025.
Five days before the Treasury’s deadline, the US House of Representatives voted decisively on Wednesday to increase the federal debt ceiling. With support from both Democrats and Republicans, the bill to temporarily suspend the $31.4 trillion debt limit was successfully passed. This action aims to overcome opposition from strong conservative factions and avoid a disastrous default.
The report states that House Speaker Kevin McCarthy and President Joe Biden reached an agreement on the debt ceiling deal. This means that Congress is now on the path to authorize more borrowing just a few days before the government is projected to exhaust its funds for paying bills. The urgency stems from concerns about a potential recession. Read More...
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