WASHINGTON: US President Joe Biden and Republican leader Kevin McCarthy said they were confident Sunday (May 28) of pushing a debt crisis deal through Congress and avoiding a cataclysmic default, despite scepticism from some lawmakers on both sides of the aisle. The tentative agreement reached Saturda
WASHINGTON: US President Joe Biden and Republican leader Kevin McCarthy said they were confident Sunday of pushing a debt crisis deal through Congress and avoiding a cataclysmic default, despite scepticism from some lawmakers on both sides of the aisle.
The next step would be a legislative text that can be scrutinised by party members before a vote in the House of Representatives that McCarthy has scheduled for Wednesday. The basic framework of the deal suspends the federal debt ceiling, which is currently US$31.4 trillion, for two years - enough to get past the next presidential election in 2024 and allow the government to keep borrowing money and remain solvent.Race for US debt deal as talks go to the wireCongressional opposition to the bill comes from an unlikely union of hard-right Republicans who wanted deeper spending cuts and progressive Democrats who wanted no reductions at all.
"Maybe it doesn't do everything for everyone, but this is a step in the right direction no one thought we would be at today," McCarthy said. "Overall, the deal is probably best viewed as a win for Biden and Democrats given that it contains fairly modest spending cuts and would prevent another debt ceiling showdown or a government shutdown during the remainder of Biden's presidency," Creel said.
That means a large number of Democrats will have to be persuaded to vote with a reduced number of Republicans - something that rarely happens on big bills.
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