Biden and McCarthy reach tentative debt ceiling deal, avoiding national default
The White House and House Speaker Kevin McCarthy have reached an agreement in principle on a deal to raise the debt ceiling, a breakthrough that helps move the country away from a historic national default.
McCarthy on Saturday said that he anticipated the bill text would be publicly available on Sunday, with a vote anticipated on Wednesday. But the road for passage of legislation before June 5 remains a challenge, as the California Republican must now sell the agreement to a GOP conference filled with conservatives who for years have railed against profligate government spending. And Biden must bring Democrats onboard in a Senate controlled by his party.
"We still have a lot of work to do. But I believe this is an agreement in principle that's worthy of the American people," McCarthy said in a statement confirming the tentative agreement on Saturday evening. "It has historic reductions in spending, consequential reforms that will lift people out of poverty into the workforce, reign in government overreach," he continued."There are no new taxes, no new government programs. There's a lot more within the bill."
said that the agreement is"good news for the American people" and"an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone.""The agreement represents a compromise, which means not everyone gets what they want. That's the responsibility of governing. And, this agreement ...
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