October 8, 2021

Latest! Debt Increase Agreement Finally Reached!

 Senate Majority Leader Chuck Schumer recently announced that lawmakers have reached an agreement on raising the short-term debt limit after hours of talks with GOP leader Mitch McConnell.

Schume D-N.Y. happily announced ‘I have good news’. "We have reached an agreement to raise the debt ceiling until early December and we hope to resolve this as soon as possible."

The deal allows the debt limit to increase by $ 480 billion, based on reliable sources. In the meantime, the U.S. is expected to have to pay the bill by Dec. 3.

The announcement by the Senate's top Democrat came after Minority Leader McConnell R-Ky offered a solution to prevent the state from facing an economic downturn. The Senate will likely make a vote on the Schumer-McConnell proposal on Thursday.

This news is a long-awaited berry after weeks of Republican and Democratic parties arguing with each other on this issue. The situation is getting worse when the Treasury Department estimates the country may lose a way to pay off the nation’s debt.

The U.S. has never failed to pay its debts before. Thus, most economists believe that defaulting on debt will lead to economic recession and volatile financial market changes.