The United States has begun legislation to increase the debt ceiling to avoid default, after which the fear of bankruptcy is over.
According to foreign media, economists were showing fear of the bankruptcy of the United States in the past few days, which has now ended, and in order to avoid possible bankruptcy, legislation has been initiated in the US Parliament to increase the debt limit. has been done.
According to the report, the package of debt ceiling and budget cuts has been approved in the House of Representatives. During the voting of this bill, 314 members supported the bill while 117 opposed it.
149 Republicans and 165 Democrats voted in favor of the bill. The bill will be sent to President Biden after it is approved by the Democrat-dominated Senate today.
The bill will become law after President Biden’s signature.
It should be noted that earlier, US Treasury Secretary Janet Yellen has written a letter to the leaders of the Congress, in which it is said that if the White House and Congress do not agree on increasing the national debt limit, the US will pay its debts even before June 1. may default due to