US Senate Takes Interim Measures To Avoid Default

Photo: Reuters

American lawmakers postponed the solution of the problem with the national debt

The bill will provide an opportunity to increase the US government debt limit by $ 480 billion until December 3. Otherwise, the United States would have to declare an economic default.

The US Senate adopted an interim agreement that will provide an opportunity to temporarily increase the government debt limit in order to avoid a default of the US economy. Voting took place on Thursday evening, October 7. Ukrinform.

Legislators supported the bill mainly on the basis of party lines. 50 Democrats voted for the document, 48 Republicans voted against (two senators were absent).

The opportunity to bring the bill to a general vote in the Senate arose after the leadership of the Democratic and Republican parties came to a compromise that won almost two months to prepare a new document on public debt limits. After that, 11 Republicans joined 50 Democrats during the procedural vote to avoid the possibility of blocking the draft law in the future.

The document provides for an increase in the US government debt limit by $ 480 billion by December 3. This indicator was determined by the US Treasury Department as the minimum necessary to meet the financial needs of the national economy.

Now the bill must pass a vote in the lower house of the US Congress, which is controlled by a Democratic majority. The House of Representatives is expected to approve the interim rule passed by the Senate. The White House also made it clear that President Biden is ready to sign the document for his part.

Previously US was on the brink of default after the expiration of the agreement on the suspension of the public debt limit, and there was no new agreement yet.

Despite the current situation, US Senate approves $ 1 trillion bill investments in roads, bridges, ports, high-speed Internet and other infrastructure.

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