Biden

<p><strong>The long-awaited bill to suspend the debt ceiling is now waiting for the Senate’s approval.</strong></p>
<h2 style="text-align: center;" id="us-house-approves-the-bill">US House Approves The Bill</h2>
<p>The US House of Representatives has <a href="https://www.reuters.com/world/us/us-debt-ceiling-bill-faces-narrow-path-passage-house-2023-05-31/" target="_blank" rel="noopener">passed</a> a bill to suspend the nation&#8217;s debt limit, receiving significant bipartisan support. The legislation now moves to the Senate and then to President Joe Biden for final approval.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">US House Passes Debt Ceiling Bill!!!</p>
<p>Drop a 💙 and RT if you think President Biden and the Democrats did a great Job putting Americans FIRST!</p>
<p>Thank you President Biden♥️💙 <a href="https://t.co/GhnPL2DIzA">pic.twitter.com/GhnPL2DIzA</a></p>
<p>— Rich from CA (@TheRichFromCali) <a href="https://twitter.com/TheRichFromCali/status/1664092260084875268?ref_src=twsrc%5Etfw">June 1, 2023</a></p></blockquote>
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<h2 style="text-align: center;" id="overcoming-opposition-and-avoiding-default">Overcoming Opposition and Avoiding Default</h2>
<p>The bill faced opposition from conservative Republicans, but it garnered support from both Democrats and Republicans, ultimately overcoming the opposition and avoiding a catastrophic default.</p>
<h2 style="text-align: center;" id="key-provisions-and-timeline">Key Provisions and Timeline</h2>
<p>The legislation suspends the federal government&#8217;s borrowing limit until January 1, 2025, allowing policymakers to postpone addressing the issue until after the 2024 presidential election. It also includes provisions such as spending caps, expedited permitting processes for energy projects, the reclaiming of unused COVID-19 funds, and expanded work requirements for recipients of food aid programs.</p>
<h2 style="text-align: center;" id="divisions-and-opposition">Divisions and Opposition</h2>
<p>Hardline Republicans sought more significant spending cuts and stricter reforms, leading to opposition against the bill. Progressive Democrats also opposed it due to the inclusion of new work requirements for federal anti-poverty programs.</p>
<h2 style="text-align: center;" id="bipartisan-majority-and-passage">Bipartisan Majority and Passage</h2>
<p>Despite the <a href="https://walletinvestor.com/magazine/president-biden-rejects-debt-deal-protecting-crypto-traders" target="_blank" rel="noopener">divisions</a>, the bill passed with a clear majority. More Democrats than Republicans supported it, highlighting the broad bipartisan support it received in the House.</p>
<h2 style="text-align: center;" id="next-steps-in-the-senate">Next Steps in the Senate</h2>
<p>The bill now moves to the Senate, where leaders from both parties aim to pass it before the weekend. However, potential delays caused by amendment votes could complicate the process and affect the timeline.</p>
<h2 style="text-align: center;" id="concerns-and-ratings-agencies">Concerns and Ratings Agencies</h2>
<p>The debt ceiling deadline raised concerns among ratings agencies, with warnings of a possible downgrade of US debt. The passage of the bill would provide temporary relief and help prevent such a scenario, safeguarding the global financial system.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">🇺🇸 US House passes debt ceiling bill.</p>
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<p>There is a 70% Probability that Fed rate hikes by 25 Basis Point On 14 June Policy and that will be Last Rate Hike From <a href="https://twitter.com/hashtag/Fed?src=hash&amp;ref_src=twsrc%5Etfw">#Fed</a>, Pause &amp; Rate cut Expected…</p>
<p>— Crypto Candy🔥💎 (@cryptocandy24x) <a href="https://twitter.com/cryptocandy24x/status/1664157962292826117?ref_src=twsrc%5Etfw">June 1, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="summary-and-temporary-relief">Summary and Temporary Relief</h2>
<p>The US House&#8217;s approval of the bill to suspend the debt ceiling demonstrates broad support across party lines. If passed in the Senate and signed into law, it would provide temporary relief, allowing policymakers to focus on other priorities until 2025 before addressing the debt ceiling issue again.</p>

US House Passes Bill to Suspend Debt Ceiling with Broad Support

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