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US senators officially vote to raise debt ceiling
The U.S. Senate has officially voted to raise the debt ceiling, narrowly averting a catastrophic default.
The U.S. Senate has officially voted to raise the debt ceiling, narrowly averting a catastrophic default
Just two weeks before the United States’ debt ceiling was reached, lawmakers have agreed to extend the limit.
The ongoing debate between Republicans and Democrats has sent shockwaves through the markets over recent times… with fears the government would default and shut down.
The implications of a default would be severe and wide-ranging… but Senate Majority Leader Chuck Schumer says lawmakers have finally reached a deal.
The deal came after hours of negotiations into the night… and Senators could vote on the agreement as soon as Thursday.
Currently, debt in the U.S stands at around $28 trillion
The agreement is likely to increase the debt ceiling by $480 billion, which would extend it until December 3.
Senate Minority Leader Mitch McConnell confirmed during a floor speech that they had reached a deal.
The agreement comes less than two weeks before 18 October, the day the US Treasury Secretary Janet Yellen warned was the deadline to prevent the first ever US default.
The temporary debt compromise will still need to be passed by both chambers of Congress, and US lawmakers will still have to address this issue near the new December deadline to avert a default.
Should the United States have defaulted on its debts, analysts say it would severely hurt the country’s credit rating resulting in the global financial system being plunged into turmoil and possibly lead to a self-inflicted recession.
News
Tensions rise as Iran threatens conflict and U.S. increases naval forces
Iran warns of regional conflict, labels European armies terrorists; U.S. boosts naval presence as both sides consider negotiations.
Iran warns of regional conflict, labels European armies terrorists; U.S. boosts naval presence as both sides consider negotiations.
Iran has warned of a potential regional conflict if the U.S. launches an attack, while labelling European armies as terrorists. Supreme Leader Ayatollah Ali Khamenei insisted that threats from President Trump will not intimidate the Iranian people.
The U.S. has ramped up its naval presence in the Middle East in response to mounting threats, amid speculation over Iran’s next moves. Iranian officials have denied claims of imminent naval exercises in the Strait of Hormuz, adding to global uncertainty.
News
Carlos Alcaraz becomes youngest man to complete career Grand Slam
Carlos Alcaraz, at 22, stuns tennis by winning the Australian Open, defeating Djokovic, and celebrating with a kangaroo tattoo.
Carlos Alcaraz, at 22, stuns tennis by winning the Australian Open, defeating Djokovic, and celebrating with a kangaroo tattoo.
Carlos Alcaraz has stunned the tennis world by winning the Australian Open, becoming the youngest man to complete a Career Grand Slam at just 22 years old.
The world number one beat Novak Djokovic in a thrilling four-set match, finishing 2-6, 6-2, 6-3, 7-5. Djokovic missed out on claiming his 25th Grand Slam title. To mark the milestone, Alcaraz revealed he plans to add a new tattoo of a kangaroo on his leg, joining his existing Eiffel Tower and Wimbledon strawberry tattoos.
#CarlosAlcaraz #AustralianOpen #GrandSlam #TennisHistory #NovakDjokovic #SportsNews #TennisTattoo #YoungChampion
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