The Fiscal Responsibility Act that seeks to lift the debt limit and cut government spending was passed on late Wednesday, paving the way for the Senate to vote on the measure before it can be sent to President Biden’s desk to be signed into law.
Optimism that the lawmakers will be able to pass the legislative measure ahead of the June 5 X-date, or the day the U.S. will run out of money, lifted sentiment on stocks.prices jumped more than 3% ahead of the OPEC+ meeting this weekend, when major oil producers are expected to keep production unchanged.
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