The US Debt Ceiling Project
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The US House of Representatives passed a bill that sets a maximum limit for the US government's debt, which is $28.4 trillion. This bill aims to limit the government's debt and maintain economic stability, in line with President Biden's plans for economic stimulus to support investments in infrastructure, technology, and education.
The debt ceiling bill is legislation that sets the maximum amount of debt that the US government can borrow. If this limit is not raised, the US may default on its obligations and face an economic crisis.
The US House of Representatives, which is controlled by the Democrats, voted in favor of a bill that would raise the debt ceiling temporarily until December 2023
Why is it Important?
This decision is important to maintain US economic stability and requires the US government to work seriously on reducing government spending and increasing revenue.
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