The Democratic president and Republican speaker spoke with each other Sunday evening as negotiators rushed to draft the bill text so lawmakers can review compromises that neither the hard-right or …
“The agreement prevents the worst possible crisis, a default, for the first time in our nation’s history,” he said. “Takes the threat of a catastrophic default off the table.”
The days ahead will determine whether Washington is again able to narrowly avoid a default on U.S. debt, as it has done many times before, or whether the global economy enters a potential crisis. McCarthy and his negotiators portrayed the deal as delivering for Republicans though it fell well short of the sweeping spending cuts they sought. Top White House officials were briefing Democratic lawmakers and phoning some directly to try to shore up support.As Sunday dragged on, negotiators labored to write the bill text and lawmakers raised questions.
Support from both parties will be needed to win congressional approval before a projected June 5 government default on U.S. debts. Lawmakers are not expected to return to work from the Memorial Day weekend before Tuesday, at the earliest, and McCarthy has promised lawmakers he will abide by the rule to post any bill for 72 hours before voting.Negotiators agreed to some Republican demands for increased work requirements for recipients of food stamps that House Democrats had called a nonstarter.
Driving hard to impose tougher work requirements on government aid recipients, Republicans achieved some of what they wanted. It ensures people ages 49 to 54 with food stamp aid would have to meet work requirements if they are able-bodied and without dependents. Biden was able to secure waivers for veterans and homeless people.
The deal came together after Treasury Secretary Janet Yellen told Congress that the United States could default on its debt obligations by June 5 — four days later than previously estimated — if lawmakers did not act in time. Lifting the nation’s debt limit, now at $31 trillion, allows more borrowing to pay bills already insurred.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Biden, McCarthy reach debt limit agreement, per reportsPresident Joe Biden has reportedly struck a deal with House Speaker Kevin McCarthy to avoid plunging the United States into default.
Les mer »
AP source: Biden, McCarthy reach 'agreement in principle' to raise debt ceiling as default loomsPresident Joe Biden and House Speaker Kevin McCarthy have reached an “agreement in principle” to resolve the looming debt crisis. That's according to a person familiar with the situation, who spoke on condition of anonymity because they were not authorized to speak publicly on the matter. They spoke by phone earlier in the evening as they raced to prevent a catastrophic debt default. With the outline of an agreement, a legislative package can be drafted in time for votes in Congress next week. That's ahead of a projected June 5 federal default. Negotiators have wrangled over a deal that would also making spending cuts that House Republicans are demanding.
Les mer »
AP source: Biden, McCarthy reach 'agreement in principle' to raise debt ceiling as default loomsWASHINGTON — President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” late Saturday as they raced to strike a deal that to limit federal spending and resolve the looming debt crisis ahead of a June 5…
Les mer »
AP source: Biden, McCarthy reach 'agreement in principle' to raise debt ceiling as default loomsWASHINGTON — President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” late Saturday as they raced to strike a deal that to limit federal spending and
Les mer »
Biden, McCarthy reach debt limit agreement 'in principle'President Joe Biden and House Speaker Kevin McCarthy have come to an agreement to extend the debt ceiling, the Associated Press reported Saturday night, citing a source.
Les mer »