President Biden and Speaker McCarthy have reached a debt ceiling deal “in principle.” The proposal will raise the debt ceiling for two years while placing limitations on federal spending.
The announcement comes days before a potential government default.
A House vote is expected this week, as The Wall Street Journal reports:
The agreement was announced hours after Biden and McCarthy spoke by phone on Saturday night for roughly 90 minutes, following weeks of negotiations between the White House and GOP leaders in the House.
The deal requires approval from both chambers of Congress. McCarthy said a vote could come Wednesday in the House, where Republicans hold a narrow majority and some of the party’s conservatives quickly signaled their opposition.
Lawmakers and the White House are under pressure to move quickly. Treasury Secretary Janet Yellen has said the U.S. could run short of money to pay its debts as soon as June 5, a scenario that could have deep economic and financial consequences.
Biden, in a statement, said that “the agreement represents a compromise, which means not everyone gets what they want.” He urged both chambers to pass the deal, saying it would prevent “what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost.”
But supporters have a tight deadline to convince skeptical members of both parties to back the new debt limit deal.
READ NEXT: Michigan Man Who Shot Pro-Life Activist Gets Community Service
when biden says “the agreement represents a compromise, which means not everyone gets what they want.” that means the republicans caved.
fight on.
Kate – exactly – when the dems call it a compromise that means the republicans have complied with their orders to shut up, sit down and do what they are told.
CUT More cut deeper, wider A-Z
Everything on table
CUT DC Beltway
CUT 50T
If biden agrees, America loses. biden is all about money laundering among the elites. We heard of it, seen it and even have his own words backing it up through the decades. If our representatives haven’t taken that into account, then they aren’t their to help us.
I think a great many Americans now so distrust the Mega-Government that they are rightfully convinced so many representatives are not there to help or serve We the People.