Legislation brokered by President Joe Biden and House Speaker Kevin McCarthy to raise the $31.4 trillion US debt ceiling has passed an important hurdle, as it was approved by the Rules Committee and sent to the full House for consideration and a vote on it.
The legislation suspends the debt ceiling until January 1, 2025, allowing this politically risky issue to be postponed until after the November 2024 presidential election. It also puts an end to some government spending over the next two years, speeds up the approval process for some energy projects, and returns unused COVID-19 funds.
Source (Al-Arabiya.net Website, Edited)
