House of Representatives approves deal to allow US govt to borrow more money

House of Representatives approves deal to allow US govt to borrow more money

• The House of Representatives has approved a deal to allow the US government to borrow more money, just five days before the world's biggest economy is due to start defaulting on its debt.

• The Fiscal Responsibility Bill to raise debt limit and cap government spending in the US was passed by a wide margin last night in the House. 314 votes were cast in favour and 117 against it.

•  The bill will now move to the Senate for a vote, before US President Joe Biden can sign it into law. The government is forecast to hit its borrowing limit of 31.4 trillion dollars on Monday.

• The House took a critical step forward to prevent a default and protect America’s hard-earned and historic economic recovery. The US President urged the Senate to pass it as quickly as possible so that he can sign it into law, and the US can continue building the strongest economy in the world.

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Published date : 01 Jun 2023 05:32PM