US Congress Approves Deal to Avert Debt Default

US Congress Approves Deal to Avert Debt Default

The US Congress has passed a bipartisan measure to raise the country's borrowing limit, averting a potential default on its debt. The bill received overwhelming support in both the Senate and the House of Representatives, with President Joe Biden expected to sign it into law.

The measure suspends the debt ceiling until January 2025 and is estimated to result in $1.5 trillion in savings over a decade. US stock markets reacted positively to the news, with gains seen across major indices.

How do you think the resolution of the US debt ceiling issue will impact the country's economic stability and global financial markets?