White House: The President has made clear this bill has no chance of becoming law

Anil Panchal FXStreet

“The President has made clear this bill has no chance of becoming law,” mentioned the White House (WH) spokesperson after the "Limit, Save, Grow Act" passed with a dicey majority late Wednesday.

The Republican debt ceiling bill crossed the White House barrier with a mostly partisan 217-215 vote, which in turn will lure US President Joe Biden to negotiate on cutting spending with House Speaker Kevin McCarthy and the Democratic team in Congress.

“The US House of Representatives on Wednesday narrowly passed a bill to raise the nation's $31.4 trillion debt ceiling, defying President Joe Biden by attaching sweeping spending cuts for the next decade,” said Reuters.

More comments from WH

US President Biden will never force middle-class and working families to bear the burden of tax cuts for the wealthiest.

We pay our bills, congressional Republicans must do that again now and act to avoid default.

Market sentiment improves

S&P 500 Futures print mild gains of 0.20% around 4,083 by the press time, following a mixed close of Wall Street.

Also read: Forex Today: A mixed US Dollar and cautious markets before crucial US data

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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