Failure to pay on October 18 puts the country at risk of finding itself.
The catastrophic risk to the financial world of non-payment by the United States is postponed from October 18 to the beginning of December. Republican Senate leaders in Washington have agreed with their Democratic counterparts that the latter have vowed not to block the public debt ceiling.
⁇I have good new onesThe Democratic leader of Senate Chuck Schumer’s Hemicycle announced the deal, which runs until early December. He said he hoped a referendum would be held on the proposal after lengthy negotiations.from today“The House of Representatives must then approve the move so that Joe Biden can implement it. This final vote is not expected until next week.”The Senate is moving toward the plan I laid out yesterday to prevent the crisis triggered by the AmericansMitch McConnell, President of the Republican Senators, was welcomed by Democrats. “Republicans and Democrats and their allies negotiated overnight in good faith.
Debate to raise US debt ceiling
After Oct. 18, Treasury Secretary Janet Yellen warned that the U.S. government no longer had much borrowing power because Uncle Sam’s debt ceiling, set by law, had reached $ 28.400 billion. The United States, like many rich countries, must continue to increase its debt to finance its spending and pay interest on its debt.
U.S. law forces Congress to vote without fail to raise the debt ceiling. This mandatory passage is sometimes used by Republicans in an attempt to prove that Democrats do not care about unhealthy slips in public spending.
In the absence of a consensus to repeal the law, the White House has been looking for weeks to raise the debt ceiling permanently or suspend it for years by the Law Board. The solution announced yesterday will not solve the problem: it postpones the deadline to early December by approving an additional $ 480 billion in debt. In a very short time, this means relief for Wall Street: the World Financial Organization is based on the principle that the US Treasury will always respect its debt. U.S. stock indices rose as soon as the temporary compromise was announced.
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