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The crisis seems to be averted, the White House and the Republicans have found a solution to the debt dispute. This is reported by the New York Times.
The deal: The debt ceiling of currently $31.4 trillion will be raised for two years – i.e. until after the presidential election in November 2024. In return, government spending for everything but the military and veterans will be reduced during this period.
The Senate, controlled by Biden’s Democrats, and the House of Representatives, controlled by Republicans, have yet to approve the deal. There could be resistance on both sides to a compromise found, so majorities in both chambers of Congress are by no means certain. (new)
++ Update follows ++
Source: Blick
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
