America got relief from debt crisis

 


US President Joe Biden and House Speaker Kevin McCarthy have agreed in principle to raise the country's debt ceiling. It has been extended for two years. Currently this limit is $31.4 trillion. The two have agreed to a deal to limit federal spending and protect America from a possible economic crisis. However, this runs the risk of angering people on both sides. If this agreement could not be reached, then along with the economic recession in America, the world economy would also be affected. Along with this, it also works to increase unemployment.


The support of both the parties was necessary to get it approved in the Congress before June 5. Biden described the agreement as good news. He said that it is going to save people from economic crisis. At the same time, McCarthy said that we still have a lot to do. I recognize that this is an agreement in principle that is in the best interests of the American people.

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