The last time US got this close to default was in 2011, when Washington also had a Democratic president and Senate and a Republican-led House. Read more at straitstimes.com.
WASHINGTON – US President Joe Biden and top congressional Republican Kevin McCarthy have reached a tentative deal to raise the federal government’s US$31.4 trillion debt ceiling,The White House and negotiators for House Republicans have reached an agreement in principle to avert a debt default, a source familiar with the situation said.
They said they want to slow the growth of the US debt, which is now roughly equal to the annual output of the country’s economy. Biden for months refused to negotiate with McCarthy over future spending cuts, demanding that lawmakers first pass a “clean” debt-ceiling increase free of other conditions, and present a 2024 budget proposal to counter his issued in March. Two-way negotiations between Biden and McCarthy began in earnest on May 16.
Congress eventually averted default, but the economy endured heavy shocks, including the first-ever downgrade of the US’ top-tier credit rating and a major stock sell-off.This time around, House Speaker McCarthy had strengthened his hand by overseeing passage of an April bill that paired US$4.8 trillion in spending cuts with a US$1.5 trillion debt-ceiling hike.
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