The deal still needs to pass through a narrowly divided Congress before June 5. Read more at straitstimes.com.
WASHINGTON - US President Joe Biden said on Sunday he had finalised a budget agreement with House Speaker Kevin McCarthy to suspend the US$31.4 trillion debt ceiling until Jan 1, 2025 and that“This is a deal that’s good news for...the American people,” Mr Biden told reporters at the White House after a call with Mr McCarthy to put the final touches to a tentative deal they struck on Saturday night.
“I strongly urge both chambers to pass that agreement,” Mr Biden said, adding he expected Mr McCarthy to have the necessary votes for the deal to pass. The bill would authorise more than US$886 billion for security spending in fiscal year 2024 and over US$703 billion in the non-security spending category for the same year, not including some adjustments, according to the text. It would also authorise a 1 per cent increase for security spending in fiscal year 2025.
But members of the Republican hardline House Freedom Caucus said they would try to prevent the agreement from passing the House in a vote expected on Wednesday. Republicans control the House by 222-213, while Democrats control the Senate by 51-49. These narrow margins mean that moderates from both sides will have to support the bill, if the compromise loses the support of the far left and far right wings of each party.
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