On May 31, 2023, President Joe Biden’s new debt ceiling bill passed the U.S. House of Representatives overwhelmingly, where it won 314-117 votes and moved to the Senate for approval. The Senate issued a verdict on June 1, 2023 and you can find all the details below.
What is the US Senate’s verdict on the debt ceiling bill?
The US Senate finally decided to pass the debt ceiling bill, resulting in its establishment by President Joe Biden, averting a possible threat of default on the nation’s debt. The bill passed 63 to 36, with 63 senators saying yes to the new bill.
Joe Biden on his Twitter account mentioned: “Right now, senators from both parties voted to protect our hard-won economic progress and avoid a first-time default.”
The bill will now go to the President for implementation as soon as possible in order to avoid the nation’s default.
Republicans have opposed the bill since its announcement, arguing it would allow the Biden administration to spend too much money and cause more problems.
Senate Majority Leader Chuck Schumer said in his tweet that “we prevented a catastrophic default that would have decimated our economy and caused immense pain to families.”
Furthermore, the Senate only approved the suspension of the debt limit and all other additional spending cuts were rejected.
Here are all the spending cuts that were not approved according to the Senate:
|
Amendments |
Yeah |
No |
No vote |
|
“To remove a provision relating to accelerating the completion of the Mountain Valley Pipeline.” |
30 |
69 |
1 |
|
“Repeal the power to resign from the PAYGO Administration” |
48 |
51 |
1 |
|
“Rescind unnecessary coronavirus funding.” |
47 |
52 |
1 |
|
“Provide appropriate adjustments to discretionary spending limits, if funded under a continuing resolution” |
48 |
51 |
1 |
|
“Eliminate the termination of the modification of work requirement exemptions.” |
46 |
51 |
3 |
|
“Require the imposition of additional duties with respect to items imported from the People’s Republic of China until trade between the United States and the People’s Republic of China is balanced.” |
17 |
81 |
2 |
|
“Provide adequate funding for defense and increase rescission funding for the Internal Revenue Service.” |
49 |
48 |
3 |
|
“To secure the borders of the United States and for other purposes.” |
46 |
51 |
3 |
|
“Rescind discretionary appropriations in the event of a period of debt ceiling crisis and honor the full faith and credit of the debts of the United States in the event of a debt ceiling crisis.” |
35 |
62 |
3 |
|
“In the nature of a substitute.” |
twenty-one |
75 |
4 |
READ| What is the House vote on the debt ceiling bill?
What is the debt ceiling bill about?
Joe Biden’s new debt ceiling bill was started on May 27, 2023 and the bill mentioned that the debt ceiling limit should be suspended until January 1, 2025 so that the government can work to improve the situation. It was a bipartisan effort.
This bill was passed by the House of Representatives on May 31, 2023, faced many backlashes and issues, and reached the Senate for final approval.
The new suspension of the debt limit means the government can continue to borrow money until it pays all its bills. The bill also mentioned certain spending cuts that also called for Republican support.
READ| Explained: What is the new debt ceiling agreement? Know the key announcements
To conclude, the approval of the debt ceiling bill is a relief for the markets and for the economy. A default on the US debt would have been a major financial crisis. The bill does not address the underlying problem of the growing national debt, but it does provide some temporary relief.
The passage of this bill could be a good thing for the markets and for the economy. Avoids a default on US debt, which would have been a major financial crisis.
Categories: Optical Illusion
Source: ptivs2.edu.vn