The chairman of the United States had said” Nothing could have been more reckless and disastrous.” The deadline for ruin was June 5th
AGI- After several weeks of political battle, Joe Biden inked moment, two days before the June 5 deadline, the law that avoids the threat of a US dereliction, the White House blazoned. The US Congress passed the law this week, suspending the US public debt ceiling until January 2025 and also setting some popular targets.
The chairman thanked congressional leaders, including Democratic leader Kevin McCarthy, for their” cooperation” on the matter, the White House added. Without this law, approved on Thursday by the Popular- maturity Senate and on Wednesday by the Democratic- maturity House, the country risked defaulting on its debt as early as Monday 5 June.
” Nothing would have been more reckless, nothing would have been more disastrous,” the President of the United States declared history in a solemn speech from the Oval Office.” Chancing a agreement between the parties is delicate. Unity is delicate. But we must noway stop trying”, he added, repeating the communication of conciliation which marked the morning of his accreditation and which is now the word of his crusade order for 2024.
At stake in this fiscal battle was also largely political. As a seeker forre-election, Joe Biden knows that his first handicap is his age, 80 times old. He really hopes that this debt affair, which has kept the American media and political world on their toes, will strengthen his image as a competent and reasonable leader.
history Biden wanted to” hail” his most important opponent on the debt issue, the Democratic leader of the House of Representatives, Kevin McCarthy. For McCarthy, it was about consolidating his authority over a miscellaneous administrative group, ranging from moderate rightists to sympathizers of former President Donald Trump.
Also a presidential seeker in 2024, the Democratic billionaire had called for a hard line in accommodations with the White House. In the end, each side more or less claims palm. Republicans are happy they got some spending firmed , while Egalitarians are happy they kept most social benefits and major investments.
This austere battle over public finances, which had formerly unfolded when Barack Obama was chairman, will probably have little effect on the 2024 election. But it has left its mark On Friday, the standing agency Fitch watched the precious credit standing US AAA, deploring” political polarization” and noting” a steady deterioration in governance over the once 15 times.” Like nearly all developed husbandry, the United States lives on credit- in absolute terms, it has the world’s largest debt. But no other bucolic country regularly runs into a rigid debt ceiling that Congress must raise.
