Thursday, May 6, 2021

US Congress adopts new budget package

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Adil Ghaffar
Adil Ghaffar
Experienced Chief Executive Officer with a demonstrated history of working in the financial services' industry. Skilled in Negotiation, Business Planning, Microsoft Word, Accounting, and Team Building. Strong business development professional with an ACA focused in Accounting and Finance from institute of chartered accountants of Pakistan. Contact: [email protected]
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The US Congress has passed a budget package for the next two years, averting the risk of a possible government deadlock beyond the 2020 presidential election. After the House of Representatives voted on Thursday, a majority in the Senate for the budget and for an increase in the debt ceiling. 67 senators voted for the government of President Donald Trump and compromise negotiated with leading representatives from the Congress. 28 voted against it.

Resistance to rising spending was also in the ranks of Trump’s Republicans. In the Senate, 29 Republicans voted for the budget package and 23 against it on Thursday. Trump still has to sign the law. He campaigned shortly before the vote for approval in the Senate. “The budget package is phenomenal for our great military, for our veterans, and for jobs,” he said on Twitter. The president wrote to his party friends that there would be plenty of time to lower spending.

The US debt ceiling law sets out how many new debts the government is allowed to make to settle its expenses. The limit is raised regularly, but this right is solely at the congress. If the upper limit remains, no new money can be lent and the government can not pay its debts. This would have threatened if no agreement had been reached.

NBFI

Read also: Trump: As usual Powell has “failed” us on interest rates

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