The debt limit crisis, which has been on the agenda of the USA and the world for weeks, has officially ended. The deal, which Democratic president Biden and opposition parliament speaker Kevin McCarthy reached as a result of long negotiations, brought cold water to the hearts of the markets.
Treasury Secretary Janet Yellen has stated that the country will go into default if the law is not passed by parliament. Republican and Democrat senators worked hard to get the bill passed quickly after the compromise. With the new law, the attorneys raised the 31.4 trillion dollar borrowing limit, which reached the limit.
With the bill passed by the legislature, US President Joe Biden congratulated MPs for their swift action. Stating that the situation in question is above the parties and politics, Biden emphasized that the agreement is a great gain for the American people and economy. Joe Biden announced that he will make a detailed statement at 02:00 on Saturday, Turkey time.
Republicans Got What They Wanted
After months of negotiation, the opposition Republicans who allowed the Democrats to raise the debt limit made big gains. Republican senate leader Mitch McConnell believes the deal cuts out unnecessary government spending.
Mitch McConnell
Republicans in the Senate will continue their work in the coming months to prevent the government from wasting money.
During the process, the opposition largely prevented the government from increasing taxes on some items.
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