Now America can take a breath of relief, the risk of default has been postponed, the debt ceiling bill has been approved by the Senate.

After getting the green signal from the US Congress and the Senate, now the way has been cleared for the US government to increase the debt limit. This means that the danger of debt default has been averted and the dark clouds of the financial crisis have also been removed from the world. June 5 was the last date to increase the debt limit in America. Had this not happened, America would have gone bankrupt for the first time in history. According to the report, the debt limit deal was discussed between President Joe Biden and House Speaker Kevin McCarthy. After this, Congress has passed this bill just a few days before bankruptcy. Majority of the members from both the parties supported this bill. Democrats supported the bill 165-46. While Republicans supported this bill by 149-71 votes.

America can heave a sigh of relief

Senate Majority Leader Chuck Schumer said the bill’s passage means America can heave a sigh of relief. He said that this agreement has been made so that there is no default in liabilities. After the passage of the bill, Biden said that it once again showed that America is a nation that pays its bills and fulfills its obligations and always will. He said he would sign the bill as soon as possible.

now what next

Now all eyes are on the US Senate as the bill is yet to be approved by the Senate. US President Joe Biden has appealed to the Senate to vote on the deal as soon as possible. After the approval of the bill in the Senate, the debt limit of the US will be increased for the next 2 years. Earlier, there was an agreement between the Biden administration and McCarthy to increase the debt limit regarding the debt crisis.