– This bipartisan agreement is a huge victory for the economy and Americans, President Joe Biden wrote on Twitter.
After several weeks of negotiations and growing economic anxiety, Democrats and Republicans agreed: the bill that would raise the US debt ceiling has been approved in the Senate.
This means that the federal government can continue to pay its bills on Monday.
The Senate voted on the bill Thursday night. 63 voted in favor of the bill and 36 voted against.
The day before, it had been passed in the House of Representatives, by 314 votes in favor and 117 against.
President Joe Biden has warned that he will sign the law as soon as possible and address the nation on Friday.
– can sigh
When the motion passed the House of Representatives, President Biden called for a quick study.
– A great victory for the economy and for the Americans, he says after the proposal was also passed in the Senate.
– The United States can breathe a sigh of relief, because through this process we avoid default. From the start, avoiding default has been our “north star,” says Senate Leader Chuck Schumer of the Democrats.
The current debt ceiling is $31.400 billion, which is approximately NOK 336,435 billion at today’s exchange rate.
It could have caused a crisis
The bill relied on approval before June 5, the deadline when the Finance Ministry does not have the funds to pay off the country’s debt.
If this had happened, it could have caused an economic crisis in the United States, which could have further affected the economies of other countries.
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