US debt, the law to avoid default is approaching the vote in the House

US debt the law to avoid default is approaching the

(Tiper Stock Exchange) – The US debt vote it is still partially poisedeven though he made a major last night step towards approval. The bipartisan bill to raise the debt ceiling passed a first important test in the Commissionwhere it passed with 7 votes in favor and 6 against and two of the nine Republicans who abstained. Now the law will be able to pass the House where the vote is expected tonight (8:30 pm in Washington).

The bill is result of the signed agreement in recent days by the leader of the Chamber Kevin McCarthy and the American President Joe Bidenwhich points to freeze federal spending for two yearsin exchange for Republican support for raising the debt ceiling next year and through 2025.

To support the approval of the bill, in the Commission, was the vote by Republican Thomas Massie of Kentuckyafter fearing a flop, since an extreme fringe of 20 conservative Republicans announced yesterday that it would oppose the agreement and accused McCarthy of having yielded to the will of the White House in exchange for facade and non-substantial changes as was promised.

Shortly before the committee approved the bill, the Congressional Budget Office (CBO) has released its opinion on the impact the bill will have on federal debt and deficits, estimating it will be able to reduce the budget deficit by about 1.5 trillion over the next decade. The CBO’s assessment, in line with the expectations of both parties, could therefore further pave the way for final approval in the Chamber.

The draft law it will now have to be approved by the Housewith a Republican majority, and by the Senatecontrolled by the Democrats, by Monday 5 Junethe date on which the Treasury predicted that the United States would default and default.

Meanwhile, the extreme fringe of the Republican party continues the contrast campaign to the law on social media and a more conservative group has announced that it will vote against it in the House.

On the uncertainties for the vote in the Chamber, Wall Street these days it is showing a rather uncertain trend and it is also influencing the performance of the other world stock exchanges.

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