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Congress narrowly averted the risk of a US default

The US Congress, in a race against time, finally prevented it on Thursday night [τις πρώτες πρωινές ώρες σήμερα ώρα Ελλάδας] the risk the USA to be forced to declare a suspension of payments on the 5th of June.

The Senate approved, with a comfortable majority (63 votes in favor, 36 votes against), the draft law that suspends until January 1, 2025 the borrowing limit of the federal state, which was already approved on Wednesday by the House of Representatives. Now all that remains is for the president to ratify it Joe Biden.

The text, the result of tough and bitter negotiations between the administration of the octogenarian Democrat and the opposition Republicans, will allow the US government to continue to cover all its obligations in the period until and after next year’s elections, in exchange for extensive cuts in the projected public expenses, as reported by international agencies and relayed by the Athens News Agency.

Biden speaks of a “great victory” for America

The US president expressed satisfaction with the vote in the Senate on Thursday night [σ.σ. σήμερα το πρωί ώρα Ελλάδας] which passed the bill suspending the federal borrowing limit until 2025.

This is a “great victory for our economy and for the American people,” the octogenarian Democratic head of state said, according to a press release released by his services, adding that he is “eager” to sign the text, the fruit of hard and bitter negotiations between to the White House and opposition Republicans, which would allow the state to continue to cover all of its obligations until and after next year’s elections, in exchange for sweeping cuts in projected public spending.

Source: News Beast

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