The majority of US senators voted to lift the federal government’s debt limit by $2.5 trillion.
This decision averted a debt default once again. Besides, this procedure is vital and is likely to be repeatedly implemented. The Senate expects to raise the debt ceiling nearly to $31.5 trillion immediately after the upcoming midterm congressional elections and until 2023. Therefore, the US Treasury does not have to pay interests on the financial obligations of the state worth $29 trillion.
"This is about paying debt accumulated by both parties, so I'm pleased Republicans and Democrats came together," Senate Majority Leader Chuck Schumer said before the vote.
The Senate vote took place after weeks of heated debate between Chuck Schumer and Republican Minority Leader Mitch McConnell. Many Republicans believe Democrats should raise the debt ceiling without their votes. They insist that any increase in the debt limit would raise social and climate spending programs which exceed the country’s budget.
McConnell said on Tuesday that Democrat’s addiction to printing money, borrowings, and spending hurt American families. He added that if they faced another reckless tax and spending increase, this massive nation's debt limit would only be the beginning.
