Senate Approves Deal Raising Debt Ceiling

-

 


Senate Approves Deal Raising Debt Ceiling, Averting U.S. Default. Bill now goes to President Biden’s desk ahead of Monday’s deadline

WASHINGTON—The Senate passed wide-ranging legislation Thursday that suspends the $31.4 trillion debt ceiling while cutting federal spending, backing a bipartisan deal struck by President Biden and House Speaker Kevin McCarthy to avert an unprecedented U.S. default.

The 63-36 vote reflected support from both Democrats and Republicans, with backers saying the need to raise the nation’s borrowing limit outweighed concern about provisions related to military and domestic spending and energy policy, among other contentious issues.

The measure now goes to the president for his signature with several days to spare before Monday, when the Treasury Department has said that the government will run out of money to pay all of its bills.

Biden thanked Senate leaders for the quick work and said he would sign the bill as soon as he can. “No one gets everything they want in a negotiation, but make no mistake: This bipartisan agreement is a big win for our economy and the American people,” he said.

The bill’s passage closed out a relatively smooth final chapter in Congress’s efforts to tackle the debt ceiling after months of finger-pointing. Democrats accused Republicans of irresponsibly using the prospect of default to extort concessions, while Republicans countered that the nation’s growing debt called for decisive action, while also ruling out new taxes proposed by Biden.

Democrats control the chamber, 51-49, and the bill was backed by 46 members of the Democratic caucus and 17 Republicans, putting it over the 60 votes required for passage. One senator, Republican Bill Hagerty of Tennessee, didn’t vote.

“Democrats are feeling very good tonight,” said Senate Majority Leader Chuck Schumer (D., N.Y.). “We’ve saved the country from the scourge of default,” noting that far more Democrats than Republicans voted for the deal.

Comments

Post a Comment

Popular posts from this blog

A slump in technology companies

-
Image
 We did not lose due to options and heging stocks values. Was a solid day please join us. A slump in technology companies' shares weighed on the S&P 500 Friday, chipping away at the recent gains of the broad-market benchmark and pushing it into negative territory for the week.  The S&P fell 1.2%, while the Nasdaq Composite shed 1.6%. The Dow Jones Industrial Average lost about 289 points, or 0.8%. The S&P 500 and Nasdaq posted slim declines for the week, while the Dow eked out a small gain.  U.S. Stocks Decline, Led by Tech Stocks Stocks opened lower and losses accelerated midday, with major indexes ending the day near session lows. Tech stocks, the market’s stars this year, were some of the worst performers. The S&P 500’s information technology sector lost almost 2%, dragging the broad stock-market gauge into the red for the week.  Shares of Adobe dropped 4.2% after the company’s earnings Thursday, and were among the biggest market laggards. The swoo...
Read more

How we trurn $1000.00 into $3000.00 .

-
Image
  Short-term trading, also known as day trading or swing trading, involves buying and selling financial instruments within a short time frame to take advantage of price fluctuations. While it is possible to turn $1000.00 into $3000.00 through short-term trading, it's important to note that trading involves risks, and there are no guarantees of profits. Here are some general steps and tips to consider if you decide to pursue short-term trading: Educate Yourself: Gain a solid understanding of financial markets, trading strategies, and risk management. Learn technical analysis, chart patterns, indicators, and fundamental analysis. Set Realistic Goals: Be aware that turning $1000.00 into $3000.00 is an ambitious target and may not be achievable within a short time frame. Set realistic expectations and focus on consistent, steady growth rather than aiming for large returns quickly. Create a Trading Plan: Develop a well-defined trading plan that outlines your goals, risk tolerance, tradi...
Read more

Stocks dropped Friday

-
Image
Click to zoom  Stocks fell Friday, with all three major indexes ending the week in the red. Read the day's   full markets roundup here . Indexes have  come under pressure  as the fighting between Israel and Hamas has intensified. A surge in borrowing costs, with the 10-year Treasury yield recently nearing 5%, has also weighed on markets. The benchmark yield retreated Friday, settling at 4.924%. The Federal Reserve may hold interest rates steady at its next meeting, Chair Jerome Powell  said Thursday , given that higher yields were tightening financial conditions. American Express stock fell, despite the credit-card company reporting record quarterly earnings and revenue. (Here's a  Heard on the Street take on Amex .) Another round of disappointing earnings pressured bank stocks. As of late Friday: Indexes finished lower.  The S&P 500, Nasdaq Composite and Dow Jones Industrial Average were all in the red, including a 1.5% daily decline for the tech-...
Read more