Biden and McCarthy reportedly reached an agreement
https://sputnikglobe.com/20230526/biden-mccarthy-near-debt-ceiling-deal-as-possible-default-looms-with-june-1-deadline-1110594657.html
Biden, McCarthy near debt ceiling deal as potential default looms with June 1 deadline
Biden, McCarthy near debt ceiling deal as potential default looms with June 1 deadline
The parties to the negotiations met virtually on Thursday to try to get closer to an agreement to prevent the United States from falling into deficit. Republicans would forgo an increase in military spending.
2023-05-26T02:04+0000
2023-05-26T02:04+0000
2023-05-26T01:59+0000
debt ceiling
US debt ceiling crisis
Joe Biden
public administration
Kevin McCarthy
economy
/html/head/meta[@name=”og:title”]/@content
/html/head/meta[@name=”og:description”]/@content
https://cdn1.img.sputnikglobe.com/img/07e7/05/10/1110396867_0:0:3012:1694_1920x0_80_0_0_8e98ff00591756396abffb1b070e265f.jpg
US President Joe Biden announced on Thursday that he and House Speaker Kevin McCarthy (R-CA) are closer to a debt ceiling agreement, the deadline for which threatens the United States with default. of payment. The pair appeared to be nearing a deal to raise the government debt ceiling to $31.4 trillion, a trend that has persisted with the US government over the past 82 years at least 100 times. While Republicans would rather cut costs in the deal, including increased Social Security wait times, and fewer teachers, police officers and border enforcement officers — Democrats strongly deny these major cuts to most national programs. According to sources familiar with the matter, the two sides are now only separated by $70 billion in discretionary spending. “President McCarthy and I have a very different view of who should bear the burden of the extra effort to get our finances in order. I don’t believe the entire burden should fall on the backs of middle-class and working-class Americans, my House Republican friends disagree,” Biden said in a speech Thursday. “Instead From that, Republicans passed a bill that would make huge cuts to important programs that millions of middle-class and working-class Americans rely on. Any deal reached will have to go through the Republican-controlled House of Representatives and the Democratic-majority Senate. Both sides have expressed dissatisfaction with the deal, which could prolong its ongoing work as the United States nears the June 1 deadline. “, McCarthy told reporters earlier. The House took a week-long recess on Thursday, however, lawmakers were told to prepare for a callback to Washington, D.C., to vote on whether a deal is finally drafted. The agreement, which sets only broad outlines of spending, leaves lawmakers with key details to work on in the months ahead.
https://sputnikglobe.com/20230525/us-senator-vows-to-use-all-tools-to-impede-any-debt-ceiling-deal-without-spending-reform-1110584558.html
2023
Mary Manley
https://cdn1.img.sputnikglobe.com/img/07e6/01/0b/1092187887_0:0:2048:2049_100x100_80_0_0_0c2cc4c84f89aff034cc55bb01fb6697.jpg
Mary Manley
https://cdn1.img.sputnikglobe.com/img/07e6/01/0b/1092187887_0:0:2048:2049_100x100_80_0_0_0c2cc4c84f89aff034cc55bb01fb6697.jpg
News
en_GB
Mary Manley
https://cdn1.img.sputnikglobe.com/img/07e6/01/0b/1092187887_0:0:2048:2049_100x100_80_0_0_0c2cc4c84f89aff034cc55bb01fb6697.jpg
us, us politics, kevin mccarthy, joe biden, us debt ceiling crisis
us, us politics, kevin mccarthy, joe biden, us debt ceiling crisis
Negotiators met virtually to try to hammer out a deal that will keep the United States from falling into default on June 1. Biden reported that the parties were close to reaching a debt ceiling agreement; however, details are yet to be finalized.
US President Joe Biden announced on Thursday that he and House Speaker Kevin McCarthy (R-CA) are closer to a debt ceiling agreement, the deadline of which threatens the United States with default. of payment.
While the details of the deal have yet to be finalized, negotiators on both sides of the aisle appear to be limited to a compromise: The debt limit will be raised by two years, while federal spending for everything will be capped.
Meanwhile, Republican negotiators have reportedly given up on their desire to increase military spending.
While Republicans would rather cut the costs of the deal, including increased Social Security wait times and fewer teachers, police officers and border enforcement officers, Democrats deny firmly these major cuts in most national programs. According to sources familiar with the matter, the two parties are now only separated by $70 billion in discretionary spending.
“President McCarthy and I have a very different view of who should bear the burden of the extra effort to get our finances in order. I don’t believe the entire burden should fall on the backs of middle-class and working-class Americans, my House Republican friends disagree,” Biden said in a speech Thursday.
“Instead, Republicans have passed a bill that would make huge cuts to important programs that millions of middle and working class Americans rely on.”
“I will not accept this, I have put forward a proposal that will cut spending by more than $1 trillion and freeze spending for the next two years,” the president added in his statement. “I’ve proposed that the wealthy start paying their share, which will reduce the deficit, but it won’t reduce programs for hard-working Americans.”
Any deal reached will have to go through the Republican-controlled House of Representatives and the Democratic-majority Senate. Both sides have expressed dissatisfaction with the deal, which could prolong its ongoing work as the United States nears the June 1 deadline.
“I don’t think everyone will be happy at the end of the day. That’s not how the system works,” McCarthy told reporters earlier.
“We’ve talked at the White House all day, we’ve been back and forth, and it’s not easy,” McCarthy added. “It takes time for that to happen, and we are working hard to make it happen.
The House took a week-long recess on Thursday, however, lawmakers were told to prepare for a recall to Washington, DC, to vote on whether a deal is finally drafted. The agreement, which sets only broad outlines of spending, leaves lawmakers with key details to work on in the coming months.
sputniknews Gt
