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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.

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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.

WASHINGTON, DC – APRIL 21: Senate Majority Leader Mitch McConnell

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.

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Trump & Biden prepare for the earliest debate in modern U.S. history

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The first debate of the year between President Joe Biden and former president Donald Trump will take place this week in Atlanta.

This debate marks a milestone as the earliest presidential debate in modern U.S. history, and will prove to be a critical event for both candidates.

Joe Biden and Donald Trump are neck-and-neck in national opinion polls, with a considerable slice of the electorate still undecided five months before the Nov. 5 vote. #featured #trending

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Ferrari’s debut high-performance electric vehicle will be priced above $500,000

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Ferrari has unveiled details about its inaugural electric car, slated to be priced upwards of $500,000, as first reported by Reuters.

This announcement comes amidst growing global interest and competition in electric vehicles, with Ferrari aiming to blend its iconic design prowess with sustainable technology.

The Italian automaker, renowned for its high-performance sports cars, is expected to maintain its commitment to superior craftsmanship and engineering excellence in its electric offering.

Following the EV announcement, Ferrari also confirmed plans to establish a new manufacturing plant aimed at enhancing production flexibility and significantly reducing car development times.

Mike Costello from Cox Automotive joins to discuss the latest in EVs. #featured #trending

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Commercial real estate targeted for producing 40% of global emissions

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Commercial real estate contributes significantly to global emissions, with reports suggesting it makes up to 40% of the total – so is there a solution in sight?

Global strategies are setting out to transform this impact by promoting the development of sustainable buildings.

As climate change continues to be a pressing global issue, the commercial real estate sector must pivot towards more eco-friendly solutions.

One of the most impactful actions that can be taken to mitigate the environmental impact of commercial real estate is the implementation of building automation systems.

Louise Monger, Vice President, Digital Buildings of Schneider Electric, joins to share her key insights into the issue. #featured

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