US: Debt ceiling bill sent to Senate

SGGP June 2, 2023 06:11

After being passed by the House of Representatives with 314 votes in favor and 117 votes against, the new debt ceiling bill and the June 1 budget cut package were sent to the Senate for quick approval in the next few days, before the June 5 deadline to avoid default for the United States.

The US Capitol Building in Washington DC. Photo: THX/TTXVN

The bill, the result of negotiations between President Joe Biden and House Speaker Kevin McCarthy, will make some progress in reducing the US financial deficit as Republicans demand and will not roll back the Trump-era tax cuts as President Joe Biden wants, according to AP.

The bill limits spending for the next two years, maintains the debt ceiling until January 2025 and changes several policies, including imposing new requirements on older Americans receiving food aid and greenlighting construction of the Appalachian natural gas pipeline that many Democrats oppose.

The debt ceiling deal allocates $704 billion in non-defense spending for the next fiscal year. About $30 billion in unused Covid-19 pandemic relief money will also be canceled. The Congressional Budget Office said the spending restrictions in the bill would reduce the deficit by $1.5 trillion over 10 years.

Source: https://www.sggp.org.vn/my-du-luat-tran-no-cong-duoc-chuyen-len-thuong-vien-post692097.html