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Technology Failure of payment: The US Congress offers a respite to the United States

10:50  13 october  2021
10:50  13 october  2021 Source:   lexpress.fr

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The United States has a few months of respite to avoid a default with a broadborne Democrat support in the House of Representatives.

Ce projet relèverait la limite d'endettement du pays de 480 milliards de dollars et lui permettrait d'honorer ses paiements jusqu'à début décembre. © AFP.com/andrew Caballero-Reynolds This project would fall under the debt limit of the country of $ 480 billion and would allow it to honor its payments until early December.

The United States can blow at least until December. The US Congress has accepted Tuesday to temporarily note the debt ceiling until the end of the year, offering a respite to the first world economy before a new political battle that promises to avoid a default.

Thanks to the support of the democratic elected officials (219 votes to 206, all Republican), the House of Representatives has adopted a measure that plans to raise the US debt limit of $ 480 billion. Already approved by the Senate last week, this text will be transmitted in the stride in Joe Biden, who will promulgate him as soon as possible according to the White House.

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This will allow the country to honor their payments until December or even at the very beginning of 2022, away from the perspective of a default of payment. Catastrophic consequences for mega-power and the rest of the world. If this measure had not been adopted, the country could have ended up on October 18, had warned the Treasury.

Its adoption was the subject of an intense arm of iron in the Senate, which had finally approved this temporary solution last Thursday thanks to the very short majority Democrat. "We can not tolerate partisan politics in hostage our economy, and we can only allow the routine of the payment of our bills turn a political force test, sapping trust every two years or every two months" Fulminated the spokesperson for the White House Jen Psaki against the opposition of Republicans.

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Financial uncertainty

The latter refuse to approve any long-term measure to raise the debt ceiling, as they say that it would be able to give a blank check to Joe Biden to finance his extensive investment plans. These plans, however, have not yet been adopted by the Congress and raise the debt limit is therefore used to reimburse sums already borrowed, including thousands of billions of dollars spent under the TRUMP presidency.

The Chief Republicans in Senate Mitch McConnell, now urged Democrats to achieve - only a lasting solution by December through a complex legislation. But President Joe Biden's camp so far refuses to use this "too risky" maneuver for debt. The text approved Tuesday only repels until the end of November a parliamentary battle that looks epic on the finances of the United States.

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This iron arm at the conference is all the more tense as it will be done at the same time as the negotiations to approve a new budget before the December 3rd. If parliamentarians do not agree before that date, the funding of the federal state will suddenly be cut (which is nicknamed "Shutdown"), pushing hundreds of thousands of employees to technical unemployment. The high probability of seeing the United States plunges into the same financial uncertainty by December is far from reassuring institutions or markets.

The Chairman Democrat from the Chamber Nancy Pelosi launched a warning Tuesday: If eventually the ceiling of the debt was not raised more sustainably, the impact would be "huge" and the United States would notably know " a loss of six million jobs ". "A fault of payment would provoke a shock wave through the global financial markets," she supported.

Democratic Check was asked about the idea of ​​extracting the decision to raise the debt ceiling of the political battles by transferring this authority from the Congress to the Treasury. "It seems to please some of the two sides of the hemicycle," she replied. But such a reform would have a lot of trouble being approved by the current Congress.

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usr: 1
This is interesting!