Joe BidenImage Credit source: Social Media
The US Parliament has decided on the ongoing talks regarding the Debt Ceiling Bill. Now America is saved from the danger of default. On Wednesday, the US Congress has approved the debt ceiling bill. After which a big danger has been averted not only from America but from the whole world. Along with this, relief has also been given from the possible loss to the global economy.
HUGE! The House just passed the negotiated debt ceiling bill. It will be sent to the Senate and then to President Biden’s desk.
Once again, I’m thankful to have Biden in office. He managed to avoid a catastrophe and negotiated well. pic.twitter.com/fcraGoJdXw
— Harry Sisson (@harryjsisson) June 1, 2023
Now all eyes are on the Senate, the upper house of the US Parliament. After getting approval from here, the way for America will be completely clear. US President Joe Biden has appealed to the Senate to vote as soon as possible and pass this bill. Earlier on the debt crisis, the differences between the Biden administration and McCarthy regarding the debt ceiling had ended and a consensus was reached.
According to information, in the lower house of the US Parliament, 314 votes were cast in favor of debt ceiling and 117 votes were cast against it. After passing from the lower house of the US Parliament, the upper house will be sent to the Senate. Joe Biden said that this step has saved America from the danger of default. If the bill is passed by the Senate as well, then the debt limit of America will be increased for two years.
How much is the debt on the US
If we talk about the debt on America, then it is more than 31 trillion dollars. Whereas till May 25, there was not even $40 billion cash left in the hands of American treachery. America has to pay one and a half billion dollars daily as interest. Because of which America’s problems are increasing. This is the reason why it had become a compulsion for the US government to increase the debt ceiling limit. Now one house of the US Parliament has passed the bill and the US government hopes that the other house will also pass the bill. So that America’s borrowing limit can be increased.
Otherwise big risks have to be taken
If America had defaulted, not only America but the whole world would have to face its effects. There would have been a crisis on 83 lakh jobs from America. The US stock market would crash. There would have been a decline of more than 6 percent in American GDP. The unemployment rate in the country would have increased by more than 5 percent. Even more increase would have been seen in the banking crisis. There would have been a fall in the dollar index and the whole world would have gone into recession along with America.
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