US Debt Crisis: America can avoid bankruptcy, deal agreed upon, difficulties still not reduced
US Debt Crisis: America can avoid bankruptcy
US Debt Crisis : There is hope that the US Debt Crisis clouds will end. Late on Saturday, an agreement in principle was reached between US President Joe Biden and Speaker of the Lower House Kevin McCarthy on increasing the country’s debt ceiling. The two have agreed to a ‘compromise’ to limit federal spending and protect the US from a possible default. Now the interlocutors are trying their best to bring a bill in this regard quickly so that it can be approved by the Upper House Senate before June 5. McCarthy says the lower house will vote on the bill on Wednesday to give the Senate time to consider it. Explain that before the deadline of June 5, both the parties have to agree to this agreement for the approval of the Parliament.
However, the concessions or conditions that have been set to reach this agreement run the risk of angering both the country’s major parties – Democrats and Republicans. Negotiators have agreed with Republicans on an increased need for work for food stamp recipients, which Democrats have raised an uproar. McCarthy said Saturday night that the agreement was reached after a phone conversation between the Democratic president and the Republican speaker on Saturday evening. At the same time, Biden said in a statement on Saturday night, a ‘compromise’ had to be done to reach this agreement. This means that not everyone will get what they want. Describing the agreement as good news for the people of America, Biden said that it could save the country from a lapse that could have taken it into an economic recession. Also, retirement accounts would have been affected and millions of people would have lost their jobs if there was no agreement.
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