Senate Approval – Debt Ceiling Bill 👍

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Senate Approval – Debt Ceiling Bill

In a significant move to avert a potential economic crisis, late on Thursday the Senate passed a House-approved bill aimed at raising the debt ceiling and implementing a two-year cap on government spending. The legislation is now headed to President Joe Biden’s desk for his anticipated signature, with the President scheduled to address the nation at 7 p.m. ET. The passage of this bill comes just three days before the United States faced the unprecedented risk of a sovereign debt default. President Biden emphasized the bipartisan nature of the agreement, expressing satisfaction with the outcome, stating that while no one gets everything they want in a negotiation, this bill represents a substantial victory for the American people and the nation’s economy.

The Senate vote on the compromise debt ceiling bill yielded a 63-36 margin, securing enough support from Democrats and Republicans to surpass the 60-vote threshold required to avoid a filibuster. However, the division within the parties was apparent, as the majority of Senate Republicans, 31 senators in total, voted against the bill, while only 17 GOP senators supported it. On the Democratic side, four Democrats, including independent Senator Bernie Sanders, voted against the bill, while the remaining 46 members of the Democratic caucus voted in favor. The passage of this bill marks the culmination of an extraordinary day in the Senate, characterized by intense deal-making and rapid-fire voting, a departure from the typical deliberation and amendment process. Several senators with objections to specific aspects of the bill agreed to maintain its progress to expedite the legislation and avoid procedural obstacles. What do you think about the Fed’s progress, and how will this progress?

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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