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Home News Debt Default AVERTED: Senate Approves ‘Fiscal Responsibility Act’

Debt Default AVERTED: Senate Approves ‘Fiscal Responsibility Act’

Debt Default AVERTED: Senate Approves ‘Fiscal Responsibility Act’

( – The “Fiscal Responsibility Act of 2023” was approved by the U.S. Senate, preventing a possible national debt default. According to reports, the Senate approved the bill on Thursday by a vote of 63-36.

Politico stated, “The Senate passed the bipartisan debt deal Thursday night, sending it to President Joe Biden’s desk days before the default deadline and putting an end to months of drama.”

The House passed the bill 314 to 117, approving it by a large margin. After receiving approval from both chambers, it will be sent to President Joe Biden’s desk for his anticipated signature.

In a recent Yahoo News/YouGov poll, most Americans support the sacrifices outlined in the agreement, such as expenditure cuts, while opposing a potential default on U.S. debt. Americans largely supported a solution requiring “smaller spending cuts to raise the debt limit, which could be approved with a combination of Democratic and Republican votes,” when questioned about it.

Yahoo News claims:

“Overall, twice as many Americans say they would favor such a compromise (43 percent) as say they would oppose it (21 percent). And while Democrats were the most positive group (by a 54 percent to 17 percent margin), both independents (41 percent to 20 percent) and Republicans (43 percent to 28 percent) also expressed more support than opposition.

The survey shows similar results to follow-up questions about how House Republicans should react if Biden “refuses to accept deeper Republican spending cuts” (which is effectively what the president did after the House GOP passed its own spending bill last month).

In response, a full 56 percent of Americans say Republicans should either agree to smaller cuts that can pass with Democratic and Republican votes (36 percent) or agree to raise the debt limit without any spending cuts at all (20 percent).”

Only 17% of respondents to the poll said that Congress should allow a default rather than raise the debt ceiling, and only 27% of Republicans felt that the United States should stop paying its debt.

Like the House vote, defectors from both parties were expected in the Senate. Progressive lawmakers have argued that the spending cuts in the bill go too far.

At the same time, conservatives complained they did not go far enough.

Treasury Secretary Janet Yellen had warned Congress that the country could face economic catastrophe if lawmakers did not lift or suspend the debt limit by June 5.

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