A few weeks ago, the United States realized they might run out of cash by June 1st. Hearing this news from economists, President Joe Biden had a meeting with lawmakers to come up with an agreement to avoid this from happening. This week, President Biden and the House of Republicans were able to come to an agreement with fixing this crisis. One of the options to avoid this crisis from happening is to raise the debt limit.
Not much information has been released yet, but the main decision that everyone was able to vote and agree on is to raise the debt limit for two years. This agreement will also limit the growth in spending by 1% and have many requirements with food stamps, student loans, and etc. There is still a lot of information missing for this new bill and agreement.
This blog post is part of the CIMA Law Group blog. If you are located in Arizona and are seeking legal services, CIMA Law Group specializes in Immigration Law, Criminal Defense, Personal Injury, and Government Relations.
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