Friday, December 1

Tag: Democrats

US averts default: House Passes debt ceiling bill to avoid default
2Jun By PriyankaNo Comments
USA

US averts default: House Passes debt ceiling bill to avoid default

Washington, Jun 2, 2023: The US Senate on late thursday passed bipartisan legislation backed by President Joe Biden that lifts the government's $31.4 trillion debt ceiling, averting what would have been a first-ever default. The Senate voted 63-36 in favor's to approve the bill that was passed on Wednesday by the House of Representatives, as lawmakers raced against the clock following months of partisan bickering between Democrats and Republicans. U.S. Senate Republican Leader Mitch McConnell stated, “Four months after Speaker McCarthy invited President Biden to begin negotiating a resolution to the looming debt crisis, an important step toward fiscal sanity will finally become law. “Thanks to House Republicans’ efforts, the Fiscal Responsibility Act avoids the catastrophic ...
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US Shutdown Become Longest in History, Economy Hits Low
14Jan By PriyankaNo Comments
USA

US Shutdown Become Longest in History, Economy Hits Low

The US government shutdown on Saturday became the longest in history and is taking a growing bite out of the world's largest economy with each passing day, economists say. While most of the 21 "lapses" in government spending since 1976 left barely a scratch on economic growth, the length of this shutdown makes it harder to say just how bad the impact could get. "It's not a hard stretch to say that initially it's smaller and then it expands, the pain starts to widen," Beth Ann Bovino, chief US economist at S&P Global Ratings, told AFP. "Think of it as a butterfly effect." With about a quarter of the federal workforce affected, the shutdown is currently squeezing an estimated USD 1.2 billion a week out of the economy, Bovino said, but that figure could grow if it drags on. At t...
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