US Senate Approves Increase in Government Debt Ceiling to Avoid Default

The decision was made in order to avoid the risk of default. The US Treasury Department had previously warned about a possible financial crisis due to reaching the public debt ceiling. 50 senators voted for the decision, 48 against. Now the document must be approved in Congress, after which it will be signed by President Joe Biden. His spokeswoman Jen Psaki said the president "is looking forward to the signing of this bill," according to tvrain.ru Now the public debt ceiling is $ 28.4 trillion. If the Senate decision is approved by Congress and Biden, the ceiling will be raised to $ 28.9 trillion. This figure is expected to be reached by December 3. This spring, the US national debt reached $ 28 trillion, exceeding the country's GDP (108%). Before that, this only happened after World War II in 1946, when the national debt reached about 120% of American GDP. This indicator was expected to be reached within 10 years, but due to the pandemic and related measures to support the economy, this happened much faster. Point