The U.S. Senate voted 63-36 to approve the debt ceiling deal forged by Joe Biden and U.S. House Speaker Kevin McCarthy. It previously passed the House by a 314-117 vote, with both Democrats and Republicans voting for it and opposing it.
Following the U.S. Senate’s action to send the legislation to Biden’s desk, averting a default on U.S. debt, the stock market reacted.
“The Dow Jones Industrial Average jumped 328 points, or 1%. The S&P 500 climbed 0.9%, and the Nasdaq Composite advanced 1.1%,” noted CNBC.
“The major averages were higher for the week. The S&P 500 and Nasdaq were up more than 1% and 2%, respectively, week to date. The Dow’s Friday advance pushed it into positive territory, last up 0.7% week to date. The Nasdaq is on pace to end its sixth straight week higher, a streak length not seen for the technology-heavy index since 2020.”
Biden’s U.S. Department of the Treasury Secretary Janet Yellen said the country would default on its debt by June 5 if a deal wasn’t reached.
Republicans were angered by the lack of substantial cuts to the budget and an increase in spending of $4 trillion, which was a non-starter for fiscal conservatives.
On the other hand, Democrats were angered that the budget didn’t have enough funding for social programs and “climate change” initiatives.
Regardless, Congress struck a deal, averting a default for the next couple of years.
Unfortunately there is verbiage in the bill that gives the Biden admin an open checkbook if they think something is restricting the “Biden agenda”… As usual, the people we send to Washington don’t give a rat’s hairy hiney about WE THE PEOPLE!!!