US government and opposition agree on debt ceiling to protect against default

The risk of a US default had increased; Photo: File

Washington: To save America from default, the government and the opposition party agreed to bring a debt ceiling bill.

According to the American Broadcasting Corporation, this decision was made after long negotiations between the ruling party, the Democrats, and the position party, the Republicans. In which President Joe Biden and Speaker of the House of Representatives McCarthy on behalf of the opposition also participated.

A meeting between President Joe Biden and Speaker of the House of Representatives McCarthy agreed on a debt ceiling bill. The bill will be presented for a vote on Wednesday.

Read this news: The threat of US default, the IMF sounded the alarm for the global economy

With this bill, the possibility of America getting out of the economic crisis and the risk of default has become strong.

It should be remembered that at the beginning of this year, US debt was at the highest level of 31.1 trillion dollars, and due to the confrontation between the House of Representatives and President Biden on setting the debt limit due to the majority of the opposition party, the country defaulted. There was danger.

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