Finances: Debt dispute: US Democrats want to vote

Finances: Debt dispute: US Democrats want to vote

A solution to the debt dispute is still not in sight. Now the Democrats are trying to advance their draft law via petition. Can this be successful?

In the US debt dispute, President Joe Biden’s Democrats want to force a vote in the House of Representatives. The signatures of all parliamentary group members have been collected for such a project, said MP Katherine Clark, who is part of the Democrats’ leadership team in the House of Representatives.

The endeavor is given little chance of success. The Democrats do not have a majority in the House of Representatives. You also need five Republican signatures.

With the petition, the Democrats want to force a vote on their bill raising the debt ceiling, bypassing Republican chairman of the chamber, Kevin McCarthy. The collection of signatures is a procedural move. It is currently considered unlikely that there will be enough Republicans to support the project with their signatures.

payment default is imminent

Republicans and Democrats have been arguing bitterly for weeks about raising the debt limit in tough rounds of negotiations. The Republicans want to force the Democrats to make savings in the social sector.

According to forecasts by the Treasury Department, the US government is threatened with default from the beginning of June. If it really came to that, it could result in a global financial crisis. A state bankruptcy is imminent because in the United States the parliament decides how much money the state can borrow.

“Republicans in the House of Representatives are determined either to make deep, painful cuts that harm the health, safety or well-being of ordinary Americans, or to crash the economy,” said Democratic Party leader Hakeem Jeffries.

Republican negotiator McCarthy said it was possible to find a way, according to CNN. However, his party will not move away from certain demands.

Source: Stern

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts