WASHINGTON: Republican and Democratic leaders scrambled Monday (May 29) to secure congressional support for a bill aimed at avoiding a catastrophic US debt default - with just one week left before the government starts running out of money. The bill, finalised on Sunday by President Joe Biden and Hous
WASHINGTON: Republican and Democratic leaders scrambled Monday to secure congressional support for a bill aimed at avoiding a catastrophic US debt default - with just one week left before the government starts running out of money.
The left wing of the Democratic Party is equally unhappy that Biden agreed to any spending limits at all.Biden and McCarthy both say they are confident the bill will pass a House vote scheduled for Wednesday and then move swiftly to the Senate, but organised dissent could force some nerve-shredding delays.
The basic framework of the deal lifts the federal debt ceiling, which is currently US$31.4 trillion, for two years - enough to get past the next presidential election in 2024. Biden had initially refused to negotiate over spending issues as a condition for raising the debt ceiling, accusing the Republicans of taking the economy hostage.
McCarthy's wafer-thin majority in the House will require significant Democratic backing to balance out Republican dissent.
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