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Senate approves debt ceiling bill and averts default

Senate approves debt ceiling bill and averts default

The United States has once again saved the world from another epic disaster. This time, it was a financial disaster. The events unfolded as if in a Hollywood movie: the world is on the verge of a financial catastrophe. At the very last moment, despite all differences and contradictions, representatives of the two opposing parties unite to save it. 

The US Senate has finally approved the legislation to raise the national debt ceiling by $480 billion, preventing not only a default in the country but also serious financial upheaval worldwide. This time, every vote mattered as there was too little time left. Senators voted 50-48 to adopt the bill. Although it was a small gap, the deal was approved. The country's authorities can now raise the debt limit while negotiations are underway between Republicans and Democrats.

Republicans are still not very pleased with the way things unfold. “The pathway our Democratic colleagues have accepted will spare the American people any near-term crisis”, Senate Minority Leader Mitch McConnell commented on the situation. Earlier, McConnell offered to let Democrats temporarily lift the borrowing. He also added that the stopgap measure should give Democrats “more than enough time to pass stand-alone debt limit legislation”. In other words, the confrontation between the two parties will continue but already with a higher debt ceiling.


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