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Debt ceiling news - live: Senate passes debt limit deal bill sending it to White House for Biden signature
Debt ceiling news - live: Senate passes debt limit deal bill sending it to White House for Biden signature
The Senate has passed a bipartisan agreement forged by US president Joe Biden and House speaker Kevin McCarthy to raise the $31.4 trillion US debt ceiling after the deal survived a Republican rebellion in the House of Representatives. The Fiscal Responsibility Act, which will also implement new federal spending cuts, cleared the lower chamber with 314 votes in favour and 117 against on Wednesday night. The narrowness of its passage through the House was made possible through the support of Democrats, who stepped in to thwart a Republican rebellion that badly undermined Speaker McCarthy’s claims to control over his increasingly divided party. On Thursday, the Senate rejected 11 proposed amendments before passing the bill 63 for to 36 against. Senate majority leader Chuck Schumer will now send the bill to President Biden’s desk for his signature. Full congressional approval was required before Monday 5 June, when the Treasury Department was expected to run out of funds to pay its debts for the first time in American history. Read More Underestimated McCarthy emerges from debt deal empowered as speaker, still threatened by far right Lauren Boebert didn’t turn up to vote on debt ceiling deal she furiously campaigned against What’s next for Biden-McCarthy debt ceiling deal as Senate races to beat default deadline?
2023-06-02 16:18
Take Five: Almost half-time
Take Five: Almost half-time
The hefty weight of tech megacaps, strange reporting rules for an upcoming OPEC meeting and more pain for
2023-06-02 15:17
Half of China Cities Face Debt Service Difficulty, Rhodium Says
Half of China Cities Face Debt Service Difficulty, Rhodium Says
Financial stress faced by China’s local governments is limiting fiscal support for the economy’s recovery, with half of
2023-06-02 13:52
Kinnock Tells Starmer He Can Lead UK Alone, Without Coalition
Kinnock Tells Starmer He Can Lead UK Alone, Without Coalition
Former Labour leader Neil Kinnock dismissed the chances of the party being forced into a coalition after the
2023-06-02 13:15
Senate passes debt limit bill after marathon 11 amendment votes to avoid default
Senate passes debt limit bill after marathon 11 amendment votes to avoid default
The Senate voted late on Thursday night to raise the debt limit and avoid allowing the United States to default on its debt for the first time in history after having an all-night marathon session of votes to assuage Republican concerns. The legislation passed 63 to 36 after senators held 11 votes on amendments —10 from Republicans and 1 from Democrats — to address concerns about the bill. All but five Senators in the Democratic caucus--Sens Bernie Sanders (I-VT), Elizabeth Warren (D-MA), Ed Markey (D-MA), John Fetterman (D-PA) and Jeff Merkley (D-OR)--voted for the legislation while 31 Republican Senators opposed it. “America can breathe a sigh of relief because in this process we are avoiding,” Senate Majority Leader Chuck Schumer said before the votes began on Thursday evening. The vote came after the House passed the legislation on Wednesday that was the result of bipartisan negotiations between the House and the White House. The bill will now head to President before 5 June, the date that Treasury Secretary Janet Yellen had warned that the United States would default on its debt. Republicans raised concerns about some of the restraints on defence spending, which is capped at $886bn. “Well, my message is, I'm a Reagan Republican,” Sen Lindsey Graham (R-SC) told The Independent. “And you do military budgets based on threats and you want to fight over the role of the Republican Party on national defence, I welcome the fight.” Mr Graham expressed concern that it would lead to the United States not being able to support Ukraine in its war against Russia. “And if you want to avoid conflict, you better stand up to aggression,” he said. Sen Susan Collins (R-ME) echoed those concerns in a floor speech. “It would trigger an automatic meat an indiscriminate across-the-board cut in our already inadequate defence budget and in the domestic discretionary non-defence funding,” Sen Susan Collins (R-ME) said in a floor speech. “This would happen automatically if in fact all 12 appropriations bills have not been passed.” Ms Collins said that such a problem could be remedied through a defence supplemental package, which other Senators have also discussed. “It was important for some of our members to have folks on the record, acknowledging that there clearly could be a need will be a need for additional assistance for our national security interests,” Senate Minority Whip John Thune (R-SD) told The Independent. But some Republicans said they still opposed the debt limit increase. “Trade deficit with China,” Sen Josh Hawley (R-MO) told The Independent about why he opposed the bill. “Not gonna do anything about it.” Before the votes began, the Senate went into overtime with negotiations, with Sen Kyrsten Sinema (I-AZ) serving as an intermediary between Democrats and Republicans. “The President took too long but he had his own process and we got to save the country from having to fall,” Sen Mitt Romney (R-UT) told The Independent. “Speaker McCarthy has been underestimated and he's proven that he could get something done.” Conversely, Sen Tim Kaine (D-VA) proposed an amendment to strike a provision to expedite the completion of the Mountain Valley Pipeline, a natural gas pipeline that spans from West Virginia to Virginia, that ultimately failed 30 to 69. The pipeline is a top priority for Sen Joe Manchin (D-WV). Mr Manchin celebrated the inclusion of the pipeline in the agreement. “It’s important for our country, very much important,” Mr Manchin told The Independent. The approval of the pipeline triggered Sen Ed Markey (D-MA), an outspoken advocate for combating climate change, from opposing the legislation. But Sen Brian Schatz (D-HI), another climate hawk, said he would vote for it. “The agreement is the agreement we're going to have to vote for it,” he told The Independent. Other Democrats criticised the fact the bill imposed work requirements for the Supplemental Nutrition Assistance Program, known as SNAP and formerly called food stamps, for adults between the ages of 50 and 54 who do not have children and do not have disabilities. “I did not agree to these SNAP restrictions, and I won’t give Republicans an opening to try and take food from more food insecure Americans in Farm Bill negotiations later this year,” Mr Fetterman said in a statement after the vote. “As I communicated to leadership and the White House, I would have voted to avoid default if it would have made the difference. All in all, this was a tough vote and an ugly situation manufactured by extortionists. While we avoided a catastrophe this time around, we should never put the country in this situation again.” Mr Fetterman said Mr Biden should have invoked the 14th amendment to the US Constitution to avoid a default on the nation’s debt. The vote signals the end to a drawn-out fight between the Republican-controlled House on one end and a Democratic-controlled Senate and the White House on the other. Mr Schumer said the quick passage of the legislation showed the willingness to the Senate to avoid a catastrophic default. Read More 'Shrink the room:' How Biden and McCarthy struck a debt-limit deal and staved off a catastrophe Underestimated McCarthy emerges from debt deal empowered as speaker, still threatened by far right Biden and McCarthy’s debt limit deal went through – but there are winners and losers 'Shrink the room:' How Biden and McCarthy struck a debt-limit deal and staved off a catastrophe Biden and McCarthy’s debt limit deal went through – but there are winners and losers What’s next for Biden-McCarthy debt limit deal as Senate races to beat default?
2023-06-02 11:17
K-Pop Stocks’ $5.4 Billion Rally Emboldens Bulls
K-Pop Stocks’ $5.4 Billion Rally Emboldens Bulls
A $5.4 billion rally in K-pop stocks looks set to power on, as a growing global fanbase fuels
2023-06-02 10:48
K-pop Giant Hybe to Raise About $380 Million for US Deals
K-pop Giant Hybe to Raise About $380 Million for US Deals
Hybe Co., the South Korean music agency behind BTS and Ariana Grande, is seeking to raise around 500
2023-06-02 09:52
Meta asks office workers to return to in-person work
Meta asks office workers to return to in-person work
Meta will ask employees who are assigned to an office to return for 3 days per week, joining Amazon, Apple, Disney and other major companies that have all revised their work-from-home policies this year.
2023-06-02 08:50
Russia Accuses US Intelligence of Hacking Thousands of iPhones
Russia Accuses US Intelligence of Hacking Thousands of iPhones
Russia’s main security service accused a US intelligence agency of hacking several thousand iPhones, including devices belonging to
2023-06-02 06:25
The Gap beats shareholder lawsuit over commitment to diversity
The Gap beats shareholder lawsuit over commitment to diversity
By Daniel Wiessner The Gap Inc on Thursday beat a shareholder lawsuit claiming the company's directors breached their
2023-06-02 05:55
R Kelly’s Music Royalties Should Go to His Victims, Prosecutors Say
R Kelly’s Music Royalties Should Go to His Victims, Prosecutors Say
Any royalties R Kelly is still collecting from his music may soon be going to his sexual-abuse victims
2023-06-02 05:48
Mexico Extends GMexico Concession After Rail Track Seize
Mexico Extends GMexico Concession After Rail Track Seize
The Mexican government extended one of Grupo Mexico’s train concessions by eight years in exchange of recovering a
2023-06-02 05:16
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