Thursday, May 2, 2024

U.S House approves suspending debt ceiling for two years

To prevent a severe economic catastrophe, the U.S. House of Representatives has suspended the nation’s debt ceiling for two years.

• June 1, 2023
U.S. House of Reps
U.S. House of Reps [Credit: Reuters]

To prevent a severe economic catastrophe, the U.S. House of Representatives has suspended the nation’s debt ceiling for two years.

A bipartisan coalition came together in force to support the agreement reached by Speaker Kevin McCarthy and President Biden as they continued efforts to save the country from looming economic disaster.

A revolt by far-right Republicans had threatened to halt discussion of the package.

However, by a vote of 314 to 117, the Republican-controlled House approved sending the bill to the Senate. Now, it has until Monday to pass it and deliver it to President Joe Biden before the U.S. government runs out of cash to pay its debts.

“This agreement is good news for the American people and the American economy,” Mr Biden said after the vote, urging the Senate to pass it quickly so that he could sign it into law.

The vote occurred days before the country was expected to run out of borrowing capacity.

The federal debt ceiling would be postponed for two years under the legislation, which has the support of leaders in both parties and would permit the government to borrow as much money as it needs to pay its debts.

The bill now goes to the Senate.

The legislation suspends the federal government’s borrowing cap until January 20, 2025.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Chief of Army Staff, Taoreed Lagbaja

NationWide

COAS salutes troops’ resilience, commitment to war against terrorism

Mr Lagbaja said the troops’ resilience assisted in strengthening the nation’s territorial integrity.

Bola Tinubu and Sidi Ali

NationWide

Tinubu mourns veteran journalist Sidi Ali

“The late statesman was a prolific writer, publishing 19 books and numerous articles.”

Residents scoop fuel

States

Residents scoop fuel as tanker falls in Edo

The truck driver was said to have lost control of the vehicle while trying to ascend the hill.

Troops

NationWide

MNJTF working to eliminate Boko Haram, ISWAP in Lake Chad: Official

He urged the public not to panic by the troops’ movements but to offer support to them to eradicate the terrorists.

Olubunmi Tunji-Ojo, Bola Tinubu and Mohammed Idris

NationWide

Tinubu congratulates information, interior ministers on birthdays

The President said the minister has brought finesse and immense experience to his role as Nigeria’s image maker.

Governor Dauda Lawal

States

Zamfara govt. to deal with workers receiving multiple salaries

He advised them to support the present administration in its determination to sanitise the state civil service.