After bickering back and forth about the best way the government should move forward in handling the debt crisis, President Barack Obama stated that congressional leaders have finally agreed to a debt ceiling plan. The plan will help avert thee country away from a predicted catastrophic default and lift the nation’s $14.3 trillion debt ceiling.
That is–if all of Congress votes “yay”.
The Senate plans to vote on the debt deal Monday afternoon, CNN reports. If the measure passed through an expected filibuster from Republicans, the House would then vote Monday night. House Speaker John Boehner said on Sunday night to Republicans that he hopes votes will come through Monday.
If the debt ceiling is not raised on August 2, Americans will be adversely affected. The value of the U.S. dollar could drop compared to other currencies and the offset of interest rates could begin to show themselves locally over a short amount of time.
Confused about what the debt crisis is? Get your explainer here.