International Desk: The Fiscal Responsibility Bill was passed by the House of Representatives on Wednesday evening US time. The same is called the “Debt Ceiling Bill. The bill will go to the Senate this week. Once passed, the bill will become law. Most economists believe this bill is essential to saving America’s economy.
The Corona and Ukraine wars have affected the US economy. The country was facing a recession. In this situation, President Joe Biden proposed a debt ceiling to save the country’s economy. There have been many discussions and debates in Congress on this issue. Biden proposed making the bill bipartisan.
That is, Republican Speaker McCarthy and Democratic President Obama jointly proposed the bill in Congress. About which there has been a great deal of debate. But finally, the bill was introduced in the House of Representatives. It was feared that there may be strong opposition to this bill. But that fear did not come true. The bill was passed by a huge vote. Biden hopes the bill will pass in the Senate as well.
If this bill is not passed, America will face a severe financial crisis. There were fears that everyone from the army to civil servants would have their salaries stopped. Social Security checks were not available to retirees. Not only at home, experts believe that this situation will have an impact on international trade as well. As much of the world economy depends on the US economy, there is thought to be a risk of an international recession.
The US economy is running on $31.4 trillion in debt. Failure to pass this bill would have left the US treasury empty. The bill paves the way for an increase in borrowing through 2024. That is, the maximum limit of the loan was recommended to be changed.
