“I think it’s a really important step forward. Take the threat of a catastrophic default off the table,” the president said at a press conference, and asked both chambers to approve the proposal.
The agreement contemplates the suspension of the ceiling at 31.4 million dollars for two years, to get through the next presidential elections.
The House has until June 5 to review the proposal, since that is the date the Treasury estimated that the government would begin to run out of money to pay its bills.
According to AFP, missing the deadline could have catastrophic consequences, such as driving the United States into recession.