🏛💲💸America spends more money than it collects through taxation, so it borrows money by issuing government bonds, seen as among the world’s most reliable investments. Read more here on TheCitizenNews ⬇️
Democratic Senate Majority Leader Chuck Schumer added that the nation could “breathe a sigh of relief” after avoiding a “catastrophic” economic collapse.
Democratic leaders had spent months underlining the havoc that a first default in history would have wrought, including the loss of millions of jobs and $15 trillion in household wealth, as well as increased costs for mortgages and other borrowing.The late evening drama came after a series of failed ballots on amendments sought mainly by Republicans who were threatening at one point to hold up the process, dragging it deep into the weekend.
In the end they fell in line after being offered a commitment to a separate bill providing cash for Ukraine’s defense against the Russian invasion, and promoting US national security interests in the Middle East and in the face of Chinese aggression against Taiwan. The ceiling has been raised more than 100 times since to allow the government to meet its spending commitments – usually without drama and with the support of Democrats and Republicans – and stands at around $31.5 trillion.
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