News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
25
o
Bekaa
21
o
Keserwan
26
o
Metn
26
o
Mount Lebanon
21
o
North
27
o
South
21
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Conversations with Ricardo Karam
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
25
o
Bekaa
21
o
Keserwan
26
o
Metn
26
o
Mount Lebanon
21
o
North
27
o
South
21
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Series
Movies
Documentaries
Variety
Comedy
Talk Show
News Bulletin
Sports
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Temporary relief: US debt limit suspended until 2025
News Bulletin Reports
02-06-2023 | 11:19
High views
Share
Share
3
min
Temporary relief: US debt limit suspended until 2025
The United States government has been spending more than it earns for many years, leading to an increasing deficit year after year. It is similar to an individual who uses a credit card for purchases and does not pay off the entire balance every month. As a result, the debt accumulates and doubles over time.
This is the situation the US government has found itself in, with spending exceeding its revenues, resulting in a deficit of $31.4 trillion by the end of May.
However, the United States is in a different position from other countries because it owns and prints the dollar, the global reserve currency. This allows it to bear debt at a cheaper cost compared to other nations.
The United States came close to defaulting on its debt for the first time in its history, which would have threatened the US economy with recession and caused turmoil in the markets.
On Friday, the US Congress, after arduous negotiations, approved raising the debt ceiling. The vote resulted in a majority of 63 votes in favor and 36 against the draft law, which the House of Representatives previously passed on Wednesday after months of partisan disputes between Democrats and Republicans.
Nonetheless, this agreement resulted from intense negotiations between President Biden and the Republican camp that lasted for weeks.
In his initial comment, Biden stated that the House of Representatives took a crucial step forward to prevent the United States from defaulting on its debt for the first time in history, emphasizing that the only way to move forward is through a settlement between the Democratic and Republican parties.
The US Treasury Department had warned that it would not be able to meet all of its payments on June 5 if Congress failed to act by that time.
Nearly ten amendments were rejected by members of the Senate before the final vote to send the bill to Biden for signing before the deadline on Monday. According to this legislation, the allowed loan limit will be suspended until January 1, 2025.
News Bulletin Reports
Temporary
Relief
US
Debt
Ceiling
Limit
Suspended
Biden
Next
Details emerge: Israel strikes building in Beirut's southern suburbs, marking second attack in days
Recommended For You
d-none hideMe
0
News Bulletin Reports
13:00
From Shebaa Farms to Mount Hermon: Israel resets its northern war map
News Bulletin Reports
13:00
From Shebaa Farms to Mount Hermon: Israel resets its northern war map
0
News Bulletin Reports
12:50
The tale of the Levant: Bilad al-Sham reawakens as history echoes in Barrack's warning
News Bulletin Reports
12:50
The tale of the Levant: Bilad al-Sham reawakens as history echoes in Barrack's warning
0
News Bulletin Reports
12:45
Tunnel to trafficking: Lebanese Army cracks down on hidden narcotics lab in Yammoune
News Bulletin Reports
12:45
Tunnel to trafficking: Lebanese Army cracks down on hidden narcotics lab in Yammoune
0
News Bulletin Reports
2025-07-13
Maritime demarcation deal: Beirut prepares to host Cypriot delegation for maritime border talks
News Bulletin Reports
2025-07-13
Maritime demarcation deal: Beirut prepares to host Cypriot delegation for maritime border talks
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
Middle East News
15:41
Two drones hit oil field in Iraq's Kurdistan region: Kurdish forces
Middle East News
15:41
Two drones hit oil field in Iraq's Kurdistan region: Kurdish forces
0
Middle East News
13:45
Israel says Syria strikes 'a clear warning to the Syrian regime'
Middle East News
13:45
Israel says Syria strikes 'a clear warning to the Syrian regime'
0
News Bulletin Reports
2025-06-09
With no progress on reconstruction, Lebanon bets on donors to unlock funding
News Bulletin Reports
2025-06-09
With no progress on reconstruction, Lebanon bets on donors to unlock funding
0
News Bulletin Reports
2025-06-25
Post-ceasefire strategy on Iran top of agenda in Netanyahu-Trump talks — What’s next?
News Bulletin Reports
2025-06-25
Post-ceasefire strategy on Iran top of agenda in Netanyahu-Trump talks — What’s next?
Videos
d-none hideMe
0
Lebanon News
2025-07-01
Massive fire erupts at unregulated dumpsite in Bchannine, Zgharta district
Lebanon News
2025-07-01
Massive fire erupts at unregulated dumpsite in Bchannine, Zgharta district
0
Lebanon News
2025-06-10
Clash between Lebanese Army and residents of Deir Qanoun Al Nahr results in injuries (Video)
Lebanon News
2025-06-10
Clash between Lebanese Army and residents of Deir Qanoun Al Nahr results in injuries (Video)
0
Lebanon News
2025-06-04
Mexico dedicates garden around Lebanese Emigrant Statue in Beirut to mark 80 years of diplomatic ties
Lebanon News
2025-06-04
Mexico dedicates garden around Lebanese Emigrant Statue in Beirut to mark 80 years of diplomatic ties
0
Lebanon News
2025-05-19
President Aoun to seek Egyptian support for Lebanese Army in detecting explosives and tunnels
Lebanon News
2025-05-19
President Aoun to seek Egyptian support for Lebanese Army in detecting explosives and tunnels
0
Lebanon News
2025-05-15
LBCI Exclusive: US steps up pressure on Hezbollah, Morgan Ortagus details sanctions and vision for Lebanon's future
Lebanon News
2025-05-15
LBCI Exclusive: US steps up pressure on Hezbollah, Morgan Ortagus details sanctions and vision for Lebanon's future
0
Lebanon News
2025-05-11
Kuwait rolls out official welcome for Lebanon's President Aoun – video
Lebanon News
2025-05-11
Kuwait rolls out official welcome for Lebanon's President Aoun – video
0
Lebanon News
2025-05-11
Security incidents temporarily disrupt voting in several Akkar and Minieh-Danniyeh centers
Lebanon News
2025-05-11
Security incidents temporarily disrupt voting in several Akkar and Minieh-Danniyeh centers
0
News Bulletin Reports
2025-05-09
EU ambassador says 'we are not just donors, but genuine partners to Lebanon': Insights from exclusive LBCI interview
News Bulletin Reports
2025-05-09
EU ambassador says 'we are not just donors, but genuine partners to Lebanon': Insights from exclusive LBCI interview
0
Lebanon News
2025-04-23
US envoy Morgan Ortagus hails Lebanese diaspora, says country stands at a crossroads
Lebanon News
2025-04-23
US envoy Morgan Ortagus hails Lebanese diaspora, says country stands at a crossroads
Most read
d-none hideMe
24 hours
7 days
Month
1
Middle East News
01:08
Turkish Airlines denies flight cancellations to Lebanon, Syria, Iraq, and Jordan
Middle East News
01:08
Turkish Airlines denies flight cancellations to Lebanon, Syria, Iraq, and Jordan
2
Lebanon Economy
04:14
Lebanon's central bank partners with US firm to boost financial oversight
Lebanon Economy
04:14
Lebanon's central bank partners with US firm to boost financial oversight
3
Middle East News
01:26
More than 30 killed in sectarian clashes in Syria's Sweida, interior ministry says
Middle East News
01:26
More than 30 killed in sectarian clashes in Syria's Sweida, interior ministry says
4
Lebanon News
12:22
Washington calls on Lebanon to set deadline for state control over Hezbollah arms: Sources to LBCI
Lebanon News
12:22
Washington calls on Lebanon to set deadline for state control over Hezbollah arms: Sources to LBCI
5
Middle East News
13:45
Israel says Syria strikes 'a clear warning to the Syrian regime'
Middle East News
13:45
Israel says Syria strikes 'a clear warning to the Syrian regime'
6
Middle East News
07:55
Israel strikes tanks in Syria's Sweida
Middle East News
07:55
Israel strikes tanks in Syria's Sweida
7
News Bulletin Reports
12:50
The tale of the Levant: Bilad al-Sham reawakens as history echoes in Barrack's warning
News Bulletin Reports
12:50
The tale of the Levant: Bilad al-Sham reawakens as history echoes in Barrack's warning
8
Lebanon News
02:31
Jeita Grotto to welcome visitors starting July 15
Lebanon News
02:31
Jeita Grotto to welcome visitors starting July 15
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More