US Senate approves bill to raise debt ceiling

US Senate approves bill to raise debt ceiling


U.S. Senators have voted to vote on a bill to raise the national debt ceiling. transmits CNN.

The document was supported by 63 senators, opposed by 36. The bill provides for the suspension of the public debt limit until January 1, 2025.

Following the legislation's approval, US President Joe Biden thanked the Senate and praised Congress for its efforts. He also said that he plans to make an appeal on June 2 at 19:00 local time (June 3, 02:00 Moscow time). Until June 5, he will have to hand over the document for signing.

On May 7, US Treasury Secretary Janet Yellen warned that the US could face a default in early June if the country does not pass a bill to raise the national debt ceiling. Later, May 27, Yellen in a letter to Congress statedthat the Treasury may not be able to service obligations in full if Congress does not expand borrowing limits by June 5.

Biden previously ruled out the possibility of a default and warnedthat in such a scenario, the consequences would be "catastrophic", and the US economy would fall "into a serious recession." According to him, the US default could result in problems not only for the American economy, but for the whole world.



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