It became known what benefit US President Joe Biden received thanks to the agreement reached with the Speaker of the House of Representatives of the US Congress Kevin McCarthy. According to RIA Novosti with reference to the text of the document submitted for consideration, the American leader secured a solution to the issue of the national debt ceiling before the end of his first term as head of state.
The document submitted to the US Congress following the negotiations between Biden and McCarthy states that the article that regulates the maximum amount of government borrowing by the US government should not be applied during the period from the date of entry into force of this law and until January 1, 2025 of the year.Given the fact that the US presidential election is scheduled for 2024 and the next head of state will be sworn in in January 2025, the current president was able to solve the public debt problem for himself before the end of his current term. On May 29, Biden announced that he had reached an agreement with McCarthy to prevent a default. According to him, a bipartisan budget agreement has been reached, and the next step will be to send the bill to the House of Representatives and the Senate, calling on lawmakers to approve it.