Suspense Crime Sach Ka Dam
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The bankruptcy crisis on America seems to be averted for the time being as there is a possibility of reaching an agreement between President Joe Biden and Republican MP and Congress President Kevin McCarthy regarding the debt limit.
Under this agreement, both the sides have agreed to increase the debt limit i.e. the limit of borrowing to $ 31.4 trillion. As a result, the tension that has been going on for a month in America is on the verge of ending. According to media reports, there is no complete agreement between the two leaders. Some issues are still being discussed, but Biden and McCarthy have almost talked about the limit of taking loans. If this agreement had not happened, America’s coffers would have been empty and America would have been in debt. This would have affected all the economies of the world.
To understand this debt dispute, the US government is legally taking loans to meet its expenses and obligations. The US Parliament has set a limit by enacting a law, which is known as the debt ceiling. According to the US Constitution, Congress has the authority to set a limit on government spending. Ok. The US government cannot borrow more than the borrowing limit without the approval of Congress.
On the other hand, the Republican Party, the opposition party in the United States House of Representatives, has a majority. Republican members were not in favor of raising the debt limit, and this led to a controversy. The threat of declaring bankruptcy was looming over the United States. However, after President Joe Biden’s talks with the leader of the Republican Party, the chances of the US debtor defaulting are slim.
