/ 02 June 2023

Stepping back from a fiscal cliff


Those sounds you could hear yesterday morning were sighs of relief from the US, where the deal to avoid a default on government debt overcame a major hurdle yesterday by passing the US House of Reps. Ultimately, the vote was bipartisan, with 165 Democrats and 149 Republicans banding together to pass the legislation. As expected, a core of hardline Republicans – 71 of ’em – voted against the deal and have begun floating the idea of a leadership spill against chief Republican negotiator, House Speaker Kevin McCarthy. But it’s not done yet… The legislation needs to pass the Senate and be signed into law by President Joe Biden. The Senate has until 5 June – Monday – to get it done before the US defaults on its debt, so it’ll be a busy few days for them. The Senate process begins today.

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