Billionaire investor Ray Dalio, the founder of the world's largest hedge fund Bridgewater Associates, said the debt ceiling deal won't make much difference given that the U.S. government is adding too much to a pile of debt that is already too large. Dalio rated the debt problem 'Grade D' in his take on the issue on Twitter.
On Wednesday night, the House passed the debt ceiling deal with a total of 314 votes in favor of the bill and 117 votes against it. The bill now moves on to Senate.
The billionaire investor, however, lauded the bipartisanship and wondered whether this is a new beginning that could counter extreme views. "The middle held together against the extremists in their parties. That's a big thing. Is this the beginning of the emergence of a strong bipartisan middle bound together against the extremists? Let's see how it goes," he tweeted.
Following the passage of the bill in the House, President Biden urged the Senate to pass the deal as quickly as possible stating that a bipartisan compromise is key.
"Tonight, the House took a critical step forward to prevent a first-ever default and protect our country's hard-earned and historic economic recovery. I have been clear that the only path forward is a bipartisan compromise that can earn the support of both parties. This agreement meets that test. I urge the Senate to pass it as quickly as possible so that I can sign it into law, and our country can continue building the strongest economy in the world," he tweeted.
Bipartisan Commission: Dalio gave 'Grade B' to the matter of planning "a smart bipartisan commission to make debt and economic reforms."
"There was recognition that it is desirable for this to happen after the 2024 elections to avoid the conflict in the middle of the election campaign. That is why the two-year extension was sensible," he said.