As the Senate approves the debt ceiling agreement and sends it to Biden, the US fends off fears of a national default
To allay concerns of a US default, the US Senate late on Thursday adopted the Fiscal Responsibility Act of 2023 and sent it to US President Joe Biden.
According to US Vice President Joe Biden, the agreement represented a major victory for Americans. “Debt deal is a ‘big win’ for the economy and Americans,” Biden was reported as saying by the news agency AFP.
The deal sets aside the thorny debt limit issue after weeks of rigorous budget deliberations, preventing any possible damage to the US and world economies until 2025. It seems doubtful that the problem will come up again until after the next presidential election.
Republicans and Democrats are not entirely happy with the decision, US-based news organizations reported, even though the senators of the US decided to suspend the federal debt ceiling.
America may now exhale with relief. The Associated Press cited Senate Majority Leader Chuck Schumer as declaring, “We are avoiding default.
(More information is being added; this is a developing story.)
