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US President Joe Bidenand most importantly republican congress, Kevin McCarthy They reached this Saturday a preliminary agreement to raise the debt ceiling from the federal government in the
US President Joe Bidenand most importantly republican congress, Kevin McCarthy They reached this Saturday a preliminary agreement to raise the debt ceiling from the federal government in the amount of $31.4 trillion, ending months of stagnation.
However, the agreement was described in terms that indicated it might not be absolute and without any celebration, indicating the sour tone of the negotiations and the difficult road ahead in Congress before the United States leave money. At the beginning of June.
“I just got off the phone with the President. After wasting your time and refusing to negotiate for months, we reached an agreement in principle,” McCarthy tweeted.
agreement raise the debt limit by two yearswhile limiting spending during this time and includes some operational requirements for programs targeting the poor.
Biden and McCarthy spoke on the phone for 90 minutes Saturday night to discuss the deal.
The deal will avoid an economy-destroying default if they can get it through a deeply divided Congress before the Treasury Department runs out of money to cover all of its obligations, which it warned on Friday would occur on May 5. June, if the debt ceiling is not raised.
“We still have work to do tonight to finish it,” McCarthy told reporters on Capitol Hill.
He said he hopes to finish writing the bill on Sunday, then talk to Biden and vote on the deal on Wednesday.
Hardline Republicans in the House of Representatives threatened to block any bill that doesn’t live up to their expectations, including drastic spending cuts.
At the same time, progressive Democrats have also warned that they will refuse to uphold some of the commitments they have made, especially regarding the introduction of new labor requirements in federal anti-poverty programs.
Republicans control the House of Representatives by a 222-213 margin, while Democrats have a 51-49 majority in the Senate, leaving a narrow path for any agreement between the Democratic president and the Republican leader to be signed into law.
Republicans have tried to cut government spending over the next 10 years to slow the growth of US debt, which is currently equal to the economy’s annual output. But the preliminary deal will most likely not reach its goal. (Reuters)
Source: Aristegui Noticias
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