The United States House of Representatives approved on Wednesday night the bill to suspend the debt ceiling of 31.4 trillion dollars for two years, a ceiling that, if it had been maintained, would have prevented the Administration from continuing to borrow and issue bonds. with which to meet their payment obligations.
In return forced by the Republicans, the agreement implies a spending cut that the Congressional Budget Office estimates at 1.5 trillion dollars over a decade.
The project has to be ratified in the Senate before the public coffers run out next Monday. The final agreement is essential to avoid the entry of the country into suspension of payments or default and therefore to avert a financial disaster.
“This is good news for the American people and the country's economy,” President Joe Biden said after the session in Congress. And he invited the Senate to approve the agreement "as quickly as possible so that I can make it law."
