America will no longer be bankrupt (US Default News). The US House of Representatives on Wednesday passed a bill to raise the debt ceiling five days ahead of the deadline set by the Treasury.
America will no longer be bankrupt (US Default News). The US House of Representatives on Wednesday passed a bill to raise the debt ceiling five days ahead of the deadline set by the Treasury. June 5 was the last date to raise the US Debt Ceiling. Had this not happened, America would have gone bankrupt for the first time in history. Fox News reported that the debt limit deal was discussed between President Joe Biden and House Speaker Kevin McCarthy. After this, Congress has passed this bill just a few days before bankruptcy.
The US government legally borrows money to meet its expenses and obligations. The Parliament of America has made a law and fixed the limit for taking this loan, which is called Debt Ceiling. According to the US Constitution, Congress (Parliament) has been given the right to control government spending. Without the approval of the Congress, the government cannot borrow more than the fixed debt limit. The opposition Republican Party has a majority in the US House of Representatives. Republican lawmakers were not in favor of raising the debt ceiling, causing controversy. If the debt limit was not increased, the treasury of America could be empty, due to which there was a danger of bankruptcy of America. This would have affected not only America but the entire global economy.
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