The US Department of Revenue had warned that the country would face a cash crunch to pay its bills if the bill is not passed on time. This will pose serious challenges to the US and global economies.
The bill was blocked by the Republican Party on the issue of spending cuts. This created a crisis situation in front of the Democratic Party. The US Senate passed this bill by 63 votes to 36.
Joe Biden said that we are cutting spending and reducing the deficit at the same time. We’re protecting critical priorities, from Social Security to Medicare to Medicaid to veterans, to our transformative investments in infrastructure and clean energy.
Highlighting the “compromises and compromises” in the deal, the US president said no one got everything they wanted, but the American people got what they needed. We have survived economic crisis and economic collapse.
America can breathe a sigh of relief: Schumer
Senate Majority Leader Chuck Schumer said the bill’s passage means America can breathe a sigh of relief. Earlier, Biden said in the Oval House on Friday evening that it is important to pass this budget agreement. Nothing is more devastating than a country’s debt default.
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