US President Joe Biden signed legislation to increase the debt ceiling on Saturday, US time, saving the US from a historic default on its debt. The said law has been in effect until 1 Jan 2025.
Xinhua news agency reported that Goldman Sachs states that US government debt could exceed $35 trillion by January. 2025, which is equivalent to over $100,000 in debt per US citizen.
Biden said after the Senate passed the law that The deal was a huge win for the economy and the American people.
By last month The US debt ceiling is $31.4 trillion. That’s more than 120% higher than the national GDP, while the White House and Congress have been working on ways to expand this ceiling. to prevent the United States from defaulting on its debt
US Treasury Secretary Janet Yellen has previously warned that The United States may not have the budget to pay off the debt on time. If Congress does not expand this ceiling in time by June 5, the past
Since 1945, the United States has raised its debt ceiling 103 times.
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2023-06-04 07:14:16
