Home News United States: the Senate adopts a text to avoid the country’s default

United States: the Senate adopts a text to avoid the country’s default

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The American Democratic senators validated, Tuesday, December 14, a bill allowing to raise the ceiling of the debt of the United States and therefore to honor the payments of the country until the beginning of the year 2023.

By their votes alone – with Democrats in the majority in the House of Representatives – the senators have enabled the world’s leading power to avoid a potential recession to come, all before Joe Biden even promulgates this measure.

This vote comes at the right time, since the United States had until Wednesday, December 14 to raise their debt ceiling.

At present, the public debt of the United States stands at some 28.529 billion dollars (approximately 25.319 billion euros). The text provides for an extension of 2,500 billion and thus raise the country’s debt limit to just over 31,000 billion dollars (or 27,500 billion euros).

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A mountain of dollars without which the country would not have been able to repay its creditors without dipping into its expenses. Without the green light from the Senate, the Americans would have seen their finances and their economy violently affected and this would have had a snowball effect internationally.

Senate Majority Leader Chuck Schumer was relieved: “The American people can breathe: there will be no default.” The White House, for its part, “strongly supports” this decision and affirms that the US Treasury will be able to “keep its commitments without causing disruption or damage to our economy and American families.”

This adopted measure could also have a positive effect on the image of Joe Biden who sees his popularity drop sharply and who hopes, as he had put forward against Donald Trump, to spend more than 1.750 billion dollars for perfecting his ecological and social plan, his “rebuilding America for the better” as he likes to call it.

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