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Biden enacts the new law that allows raising the sovereign debt ceiling in the US

Date: March 29, 2024 Time: 12:31:02

The US president, Joe Biden, signed this Saturday the promulgation of the Fiscal Responsibility Act of 2023, the result of negotiations with the Republicans who are the majority in the House of Representatives and which allows the State’s debt ceiling to be raised.

Biden has highlighted the “victory” that this agreement represents to avoid default and a subsequent economic “chaos” and has highlighted the work of the negotiators of both parties in an intervention from the Oval Office of the White House. “Nobody got everything they wanted, but the American people got what they needed. We avoided an economic crisis, an economic collapse,” said Biden, whose goal is to sign the plan this Saturday.

The law, which includes spending caps and some changes to energy permits and social programs, was approved by a large majority of both parties, although some progressive Democrats voted against it, calling the deal “blackmail” and making changes. in social programs; members of the far-right freedom caucus also objected for not cutting public spending enough.

“I know that the agreements between the two parties are difficult and that unity is difficult, but we can never stop trying. Joining forces as Americans is to stop yelling, lower the temperature and work together to achieve progress,” Biden said during his speech.

The two main voices in the Republican Party, former President Donald Trump and Florida Governor Ron DeSantis, have strongly opposed the deal. While Trump has asserted that he would have allowed defaults before giving his party concessions, DeSantis has asserted that the deal will “bankrupt” the country.

From the left wing of the Democratic Party they have also criticized the agreement, considering that by enduring the conditions for the granting of food vouchers, they except hunger in the most disadvantaged communities.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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