Congressional vote on raising the US Debt Ceiling could come as early as Wednesday - SABC News

A Congressional vote on raising the United States Debt Ceiling could come as early as Wednesday after the House Republican Leadership and the White House announced a deal over the weekend. Democratic President Joe Biden and Republican House Speaker Kevin McCarthy reached agreement on Sunday on a deal to raise the nation’s $31.4 trillion borrowing limit in return for some caps on government spending and other policy changes.

With the leadership of both parties appearing to find each other over the weekend, there is concern now about keeping both the Republican and Democratic caucuses in line with Biden calling it an important step forward. “The most important thing to recognise is that we must raise the debt ceiling. There isn’t any outcome that is acceptable. We will default on some obligation and that’s really not an acceptable state of affairs. It threatens the strong recovery that we have in the U.S. economy, it threatens financial markets, and we simply have to raise the debt ceiling,” says Janet Yellen, Treasury Secretary.

“Just because you miss a payment doesn’t mean that you’re not going to pay the entire thing. And so I think it’s important for investors to remember is that a missed payment doesn’t mean that you’re not going to get your money back. You will. So, that’s the first thing that we’re just putting investors at ease, that this is not the apocalypse. This is, you know, political posturing that is going to impact markets, absolutely, because uncertainty impacts markets.

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