The issue of the US government debt limit has been resolved. President Joe Biden put an end to the dispute by signing the initiative approved by Congress.
As a result of the decision, America will again raise the national debt ceiling, but this time using a simplified procedure and in an accelerated manner.
It is known that the initiative was approved by two chambers of the US Congress.
“I just signed a bill to accelerate the process of increasing our debt limit,” TASS quotes Biden’s statement with reference to the president’s Twitter account.
The next step should be a vote on a bill authorizing an increase in the US national debt limit.
Voting will take place in both houses of Congress, and to approve the document it is enough to get a basic majority of votes.
The limit by which it is planned to increase the possibility of borrowing is not disclosed.
It is only known that this measure can be used once and in the future similar bills will not be approved through an accelerated procedure.
Let us recall that in early October, Biden approved a program providing for an increase in the national debt by $28.9 trillion (+$480 billion).
This had to be done before December 3rd.
According to the calculations of the head of the US Treasury, after December 15, the country risks facing a shortage of funding.
Since 1910, the US national debt has grown from $2.7 billion to $28.8 trillion today.
If the situation continues to develop in the same direction, then by 2029 this figure will reach $89 trillion, Forbes analysts believe.
