After weeks of negotiations, President Joe Biden said Sunday evening that he and House Speaker Kevin McCarthy smoothed out a final agreement on a bill that would raise the debt limit and avert a first-ever default ahead of a June 5 deadline.
Biden went on to acknowledge that the agreement "represents a compromise" with House Republicans, who control the lower chamber.
Speaking to CBS News' "Face the Nation" on Sunday, Minority Leader Hakeem Jeffries, D-N.Y., predicted that the bill will pass, but would not commit to how many Democrats would support the bill. "It has historic reductions in spending, consequential reforms that will lift people out of poverty into the workforce, rein in government overreach," McCarthy said Saturday night. "There are no new taxes, no new government programs."
It also codifies an end to the pause on student loan repayments -- which, per the memo, Biden was planning to do on Sept. 1 -- and makes reforms to the National Environmental Policy Act in an effort to streamline some energy and infrastructure projects., the bill claws back tens of billions of dollars in unspent COVID-19 relief funds, as well as some funding directed to the IRS.
"This agreement is good news for the American people, because it prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost," Biden added, before urging both chambers of Congress "to pass the agreement right away."
"The agreement prevents the worst possible crisis and default for the first time in our nation's history," Biden said. "An economic recession, retirement accounts devastated millions of jobs lost.
The two sides had also reached for an ambitious overhaul of federal permitting to ease development of energy projects. Instead, the agreement would put in place changes in the landmark 1970s’ National Environmental Policy Act that will designate “a single lead agency” to develop environmental reviews, in hopes of streamlining the process.
McCarthy commands only a slim Republican majority in the House, powered by hard-right conservatives who may resist any deal as insufficient as they try to slash spending. But compromising with Democrats for votes, he risks losing support from his own rank-and-file, setting up a career-challenging moment for the new speaker.
has delivered on our promise to the American people and reached an agreement in principle to get America back to fiscal responsibility. 🇺🇸Fellow New York Republican Rep. Mike Lawler agreed, writing on Twitter: "While no one is going to be happy about every aspect of the bill, it represents a compromise and a major step forward for our country."
Fake conservatives agree to fake spending cuts. Deal will increase mandatory spending ~5%, increase military spending ~3%, and maintain current non-military discretionary spending at post-COVID levels. No real cuts to see here.South Carolina Sen. Lindsey Graham expressed skepticism about a defense spending increase being lower than the rate inflation, saying the deal raises "more questions than answers.
Johnson, on CNN, downplayed the concerns from far-right members of the conference, noting that "when you're saying conservatives have concerns, it is really the most colorful conservatives."
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AP source: Biden, McCarthy reach final deal to prevent default, now must sell to CongressThe debt ceiling deal has come with just days to spare before a potential first-ever government default. On Sunday, President Joe Biden and House Speaker Kevin McCarthy reached a final agreement that they must press Congress to pass. The completion of the agreement by the leaderswas confirmed by a person familiar with the situation and granted anonymity to discuss it. The compromise announced late Saturday risks angering some Democratic and Republican lawmakers as they begin to unpack the concessions that include spending cuts. McCarthy and Biden spoke Sunday evening as negotiators work to draft the legislative text.
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Biden, McCarthy reach final deal to prevent default, now must sell to CongressThe debt ceiling deal has come with just days to spare before a potential first-ever government default
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Biden, McCarthy reach final deal to prevent default, now must sell to CongressOn Sunday, President Joe Biden and House Speaker Kevin McCarthy reached a final agreement and they are urging Congress to quickly pass it. Biden pronounced the development “good news” i…
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Biden, McCarthy reach final deal to prevent default, now must sell to CongressPresident Joe Biden and House Speaker Kevin McCarthy reached final agreement Sunday on a deal to raise the nation's debt ceiling.
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Biden, McCarthy reach final deal to prevent default, now must sell to CongressWith days to spare before a potential first-ever government default, President Joe Biden and House Speaker Kevin McCarthy reached final agreement Sunday on a deal to raise the nation's debt ceiling and worked to ensure enough Republican and Democratic votes to pass the measure in the coming week.
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Biden, McCarthy reach final deal to prevent default, now must sell to CongressWith days to spare before a potential first-ever government default, President Joe Biden and House Speaker Kevin McCarthy reached final agreement Sunday on a deal to raise the nation's debt ceiling and worked to ensure enough Republican and Democratic votes to pass the measure in the coming week.
Leer más »