The United States Congress has moved to avert a debt default that experts and officials have said would have had a catastrophic effect on the country’s economy.In the early hours of Wednesday, the House of Representatives passed a $2.5 trillion increase to the federal debt limit. That came hours after the Senate also passed the measure, which likely staves off the next showdown over lifting limits on how much money the government can borrow until at least 2023.“No brinksmanship, no default on the debt, no risk of another recession: responsible governing has won on this exceedingly important issue,” Senate Majority Leader Chuck Schumer said on the floor ahead of the votes. “The American people can breathe easy and rest assured there will not be a default.”
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