October 16, 2021

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U.S. Senate leaders agree to raise debt ceiling

U.S. Senate leaders agree to raise debt ceiling

Leaders of Democrats and Republicans in the US Senate have reached an agreement to raise the debt ceiling. Report that American media Thursday night. By the first week of December, the maximum amount the US can borrow will increase from $ 480 billion (41 415 billion) to $ 28.900 billion (.6 24.600 billion). Because of the agreement, senators will have to vote more officially so the country can now meet all fee obligations. According to the AB news agency, the vote is expected on Monday, although Democrat leader Chuck Schumer is aiming for quick action.

Friday last week Blocked The U.S. Congress, with emergency funding, closed all non-essential federal government services at the last minute. This happened just hours before the end of the current budget year. With the approval of the emergency budget, at least until December 3 there was money to pay the salaries of government employees and for ongoing programs, which could be offset by an increase in the debt ceiling. If the debt ceiling is not raised, it is expected that by October 18 there will be enough money to meet the country’s financial obligations.

Before December 3, both Democrats and Republicans must reach an agreement to raise the debt ceiling again. Democrats, meanwhile, are seeking $ 3 billion (EUR 3,000 billion) in recommendations from the Senate on social reform and climate change mitigation. Republicans oppose President Joe Biden’s administration’s plans and want spending cuts. The parties agree Infrastructure $ 1,000 billion.