On May 31, 2023, President Joe Biden’s new debt ceiling bill was overwhelmingly approved by the U.S. House of Representatives, winning 314-117 votes, and advanced to the Senate for approval. The Senate delivered its ruling on June 1, 2023, and you can find all the details below.
What is the US Senate’s verdict on the Debt Ceiling Bill?
The US Senate has finally decided to pass the Debt Ceiling Bill established by President Joe Biden, avoiding the risk of a potential default on the national debt. The bill was passed 63-36 in which 63 Senators agreed with the new bill.
Joe Biden on his Twitter account mentioned “Right now, Senators from both parties voted to protect our hard-earned economic progress and prevent the first default fairy”.
The bill will now go to the President to be implemented as soon as possible to prevent the country from defaulting on its debt.
Republicans have opposed the bill since it was introduced, saying it would allow the Biden administration to spend too much money and create more problems.
“We prevented a catastrophic default that would have devastated our economy and caused enormous pain for families,” Senate Majority Leader Chuck Schumer said in his tweet. .
Furthermore, the Senate approved only the suspension of the debt limit, but all other additional spending cuts were rejected.
Here are all the spending cuts that failed to pass the Senate:
|
Revision |
Correct |
ARE NOT |
Do not vote |
|
“To introduce a provision relating to the acceleration of completion of the Mountain Valley Pipeline.” |
30 |
69 |
first |
|
“To Strike the Exemption Authority for PAYGO Administration” |
48 |
51 |
first |
|
“Cancel unnecessary coronavirus funds.” |
47 |
52 |
first |
|
“To make appropriate adjustments to discretionary spending limits, in the event of funding under the continuing resolution” |
48 |
51 |
first |
|
“To remove sunset on revision of work requirement exemptions.” |
forty six |
51 |
3 |
|
“Request additional duties on imports from the People’s Republic of China until trade between the United States and the People’s Republic of China becomes balanced” |
17 |
81 |
2 |
|
“To provide adequate funding for national defense and increase funding cuts to the Internal Revenue Service.” |
49 |
48 |
3 |
|
“To secure the borders of the United States and for other purposes.” |
forty six |
51 |
3 |
|
“Rescind discretionary appropriations in the event of a debt ceiling crisis and grant full faith and credit to the debt of the United States in the event of a debt ceiling crisis.” |
35 |
62 |
3 |
|
“In essence an alternative.” |
21 |
75 |
4 |
READ| What is the House Vote on the Debt Ceiling Bill?
What is the debt ceiling bill?
Joe Biden’s new debt ceiling bill was introduced on May 27, 2023, and the bill mentions that the debt ceiling limit should be suspended until January 1, 2025 so that the government can work to improve the situation. this situation. It’s a bipartisan effort.
This bill, which was passed by the House of Representatives on May 31, 2023, faced a lot of backlash and confusion, before finally being passed by the Senate.
The suspension of the new debt limit means the government can continue to borrow money until its bills are paid. The bill further mentions certain spending cuts in order to request Republican support.
READ| Explained: What is the new debt ceiling deal? Know about important announcements
In short, the passage of the debt ceiling bill is a relief for the market and the economy. A US default would be a major financial crisis. The bill does not solve the underlying problem of the growing national debt, but it does provide some temporary relief.
Passage of this bill could be a good thing for the market and the economy. It avoids a US default, which would have been a major financial crisis.
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Source: pagasa.edu.vn