United States President Joe Biden passed legislation this Saturday that allows the country’s debt ceiling to be suspended until 2025, removing the risk of default, the White House said.
The text, which is the result of an agreement between Republicans and Democrats, was approved this week in Congress and allows for the suspension of the maximum limit on the US public debt until January 2025, as well as setting some budget targets.
According to a statement released by the White House, Biden thanked parliamentary officials, including House Republican leader Kevin McCarthy, for their cooperation on the dossier.
If the agreement is not approved, the country risks defaulting from June 5.
“Nothing would be more irresponsible, nothing would be more catastrophic,” the US president said in a speech delivered in the Oval Office on Friday before the signing of the text.
The approval in the Houses of Congress (House of Representatives and Senate) was critical to the country not defaulting on its debt after the maximum limit on the money the United States could borrow to meet obligations was reached last January.
Author: Portuguese
Source: CM Jornal
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