WASHINGTON, June 1 – U.S. House of Representatives voted Wednesday local time in favor of raising the debt ceiling. This is an important step that will allow the United States to avoid a default that would have far-reaching consequences.
The Fiscal Responsibility Act, approved by the House of Representatives, was the result of negotiations between President Joe Biden and the Republican-led House of Representatives. By Kevin McCarthy, Speaker of the House of Representatives from the Republican Party. The legislation would suspend the US debt ceiling until 2024 and slightly cut government spending next year.
Republican Speaker of the House of Representatives Kevin McCarthy
Mr McCarthy said the passage of this fiscal liability law It is the first step of a critical step to get the United States back on track. Mr Biden expressed his delight that the law was passed by 314 votes to 117 and that it was an important step in safeguarding the country’s economic recovery after the COVID-19 pandemic. and was a success of compromise without dividing political parties
This law will be forwarded to the Senate for approval. It needs at least 60 votes from all 100 senators, with the vote expected to take place on Thursday evening at the earliest.-Thai News Agency
Source: Thai News Agency