Sanction avoids what would have been the first default in US government history
The president of U.S, Joe Biden, sanctioned this Saturday, the 3rd, the law that suspends the ceiling of US$ 31.4 trillion for the US government debt, avoiding what would have been the first default in the history of the country. That week, Congress passed the “Fiscal Responsibility Act of 2023”, which suspends the US public debt ceiling until January 2025 and sets certain budget targets. Without this legislation, approved on Thursday by the Senate, with a Democratic majority, and on Wednesday by the House of Representatives, with a Republican majority, the world’s largest economy would run the risk of not being able to honor its commitments as of Monday. fair, 5th. “Nothing would have been more irresponsible or more catastrophic”, Biden said in his speech on Friday, 2nd. Unity is difficult, but we must never stop trying”, added the president, repeating the message of reconciliation that marked the beginning of his mandate and which is now the motto of his campaign for 2024.
Source: Jovempan
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