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Added on the 01/06/2023 07:46:24 - Copyright : Euronews EN
US President Joe Biden has announced that an agreement has been brokered with Republican House Speaker Kevin McCarthy to raise the government's debt ceiling This pivotal piece of legislation, now poised for a vote in Congress, requires a simple majority for its enactment. If passed, it would circumvent an unprecedented debt default potentially looming as early as June 5. President Biden characterises the proposed legislation as a "compromise", outlining a two-year budget plan which, in essence, holds non-defence spending steady for 2024.
After weeks of political wrangling, the US Senate has approved a bill to extend government borrowing through early December by raising the debt ceiling by about half a trillion dollars. The bipartisan deal would avoid the US defaulting on its credit obligations on October 18, though another cliff edge would come on December 3. Plus, a private airline in Ukraine has introduced a new design for its cabin crew uniform, ditching high heels and skirts in favour of trainers and trousers.
Economy
US senators voted to suspend the federal debt limit Thursday, capping weeks of fraught negotiations to eliminate the threat of a disastrous credit default just four days ahead of the deadline set by the Treasury.
The US Senate has avoided a government default by passing a bill to lift the debt ceiling and introduce spending cuts days before its Monday deadline.
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