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The U.S. Senate Passes Debt Ceiling Bill, Proving Controversial Among Lawmakers

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(Original title: The U.S. Senate passed the debt ceiling bill)

Financial Associated Press, June 2, the US Senate voted to pass the debt ceiling bill. According to the legislative procedure, the bill will take effect after President Biden signs it.

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U.S. lawmaker: Supporting raising the $4 trillion debt ceiling is an “insult to Americans”

“This is an insult to Americans.” According to Fox News, Matt Rosendale, a Republican congressman from Montana, said on the 28th when referring to the “Fiscal Responsibility Act”. The “Fiscal Responsibility Act” in his mouth is a “principle” agreement reached between Biden and House Speaker McCarthy to resolve the US debt crisis. Rosendale also mocked the deal as the “Fiscal Irresponsibility Act.” He said lawmakers supporting the “Fiscally Irresponsible Act” are insulting Americans because the deal does not control federal spending.

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According to previous media reports, Biden and McCarthy announced on the 27th local time that they had reached a preliminary agreement on the federal government’s debt ceiling and budget. Biden promised to cut government spending by $50 billion in exchange for raising the debt ceiling. A $4 trillion debt ceiling for two years to avoid any further impasse ahead of the 2024 US presidential election.

According to Fox News, Rosendale issued a statement on the evening of the 28th, saying, “Washington is busy dealing with raising the largest debt ceiling (plan) in our country’s history, adding 40,000 yuan to the existing US$31 trillion national debt. Billion dollars.” Rosendale said, “The ‘Fiscal Irresponsibility Act’ cannot cut spending and will continue to fund the radical agenda of the Democrats and the Biden administration. “

“Frankly, it’s an insult to Americans to support a deal that puts our nation’s fiscal future at risk. The people of Montana didn’t elect me to come to Washington to support these usual things. That’s why I voted against the Fiscal Irresponsibility Act,” Rosendale said.

The report mentioned that Rosendale was the first House Republican to publicly state that he would vote against the Fiscal Responsibility Act. Republican Rep. Lauren Boybert of Colorado also expressed displeasure with the agreement. The House of Representatives will vote on the debt ceiling agreement on the 31st local time. U.S. Treasury Secretary Janet Yellen has said June 5 is the date the U.S. may not be able to meet its debt obligations.

The debt ceiling is the maximum amount of debt set by the U.S. Congress for the federal government to meet incurred payment obligations. Hitting this “red line” means that the U.S. Treasury Department’s borrowing authority has been exhausted. The U.S. government hit the debt ceiling of $31.4 trillion in January this year, and the Treasury Department immediately took “unconventional measures” to avoid a debt default, but the funds raised by these temporary measures are about to run out. Before the debt ceiling became “endangered”, according to statistics from relevant departments of the US Congress, Congress has adjusted the debt ceiling 102 times since the end of World War II. In recent years, the struggle between the two parties has intensified, and the debt ceiling negotiations have continued to wrangle, causing market turmoil and government shutdown and other chaos. On the evening of May 28, U.S. President Joe Biden told the media that he had reached a final agreement with House Republican Speaker McCarthy on raising the federal government debt ceiling and was submitting the agreement to both houses of Congress for voting.

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2023-06-02 02:54:23

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