On April 2, 2021, the U.S. Capitol building in Washington, DC, USA, was taken. The US Senate passed a bipartisan budget agreement on Thursday to raise the debt ceiling, preventing the default by the US, the White House said in a press release. The bipartisan bill, which has been supported by President Joe Biden, lifts the government's $31.4 trillion debt ceiling, with the Senate voting 63 - 36 to approve it. This is the 103rd time the U.S. Congress has adjusted the debt ceiling since the end of World War II, with the $31.4 trillion figure accounting for more than 120 percent of its GDP, equivalent to $94,000 in debt per American citizen. This bipartisan agreement is a big win for our economy and the American people, Biden said in a statement. Experts said the bill's passage would benefit the US for the long term in addressing current challenges, but its high inflation and the Fed's aggressive rates could further escalate a potential recession in the long term. The deal would result in a 0.3 percent drag on the US' real GDP in 2024 and lead to 250,000 job losses, CNN reported, citing Gregory Daco, EY-Parthenon's chief economist. An expert at the Chinese Academy of Social Sciences in Beijing, Gao Lingyun, said the bill has just delayed the US debt problem for two years. Besides, Gao said, the possibility of a future appreciation for US credit and its dollar-denominated assets will decline, which will also impact its credibility among global investors. Gao said: The possibility of long-term recession is growing, as the country has to hike interest rates to contain inflation, noting that raising the debt ceiling will lead to a further expansion in fiscal policy. That means higher inflation with lower growth, high interest rates and high debt will be major issues for US authorities to consider, Gao said. Although the US dollar may continue its dominance, the emergence of a more multipolar currency system in the next few decades as the US pivots to protectionism, weakening institutions, and the possibility of a default would threaten the dollar's global dominance, Bloomberg reported earlier in May.