After weeks of negotiations, President Joe Biden and House Speaker Kevin McCarthy have struck an agreement to raise the debt ceiling
VIEW ALL PHOTOS
The ultimate agreement, hammered out by Biden, McCarthy and a small group of their deputies, is a two-year budget deal that would essentially hold spending flat for 2024, while boosting it for defense and veterans, and capping increases at 1% for 2025. It would suspend the debt limit until January 2025, after the next presidential election. Republicans had insisted on reducing spending and had passed their own bill with much larger cuts last month.
Through it all, the Californian has exhibited his typical laid-back vibe, projecting confidence about the bill and its success. He said Sunday that he will win a majority of Republicans on the bill and some Democrats. It’s not where Biden, a veteran of the nasty 2011 debt-limit battle that saw the nation’s credit rating downgraded for the first time in history, wanted to be. But it was a likely scenario — with a Republican-controlled House that had made it clear from the start that it would not raise the borrowing authority under a Democratic president without extracting spending curbs or other policy concessions.
But the deal won early praise from another key Democratic group. The New Democrat Coalition, which has roughly 100 members, praised Biden as having negotiated “a viable, bipartisan solution to end this crisis.”Republicans were able to win some policy changes they have sought for years, however modest, including on food aid. The bill would raise the age limit for existing work requirements in the Supplemental Nutrition Assistance Program, also known as food stamps.
Republicans had hoped for a much broader permitting package that would make it easier to build and develop energy projects. But Louisiana Rep. Garret Graves, a McCarthy ally who was one of the negotiators, said the bill brings “transformational changes into the permitting and environmental review process” for the first time in four decades.McCarthy has said the House will vote on the package Wednesday.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
President Biden, House Speaker Kevin McCarthy strike tentative debt ceiling dealPresident Biden and House Speaker Kevin McCarthy have struck a tentative deal to raise the debt ceiling on Saturday night, sources close to the talks have said. The deal to raise the government&82…
Read more »
President Joe Biden's Memorial Day addressPresident Joe Biden says in a Memorial Day address that Americans 'must never forget' the price paid by troops who 'dared all and gave all' to protect their democracy.
Read more »
Biden, McCarthy reach debt limit agreement 'in principle'President Joe Biden and House Speaker Kevin McCarthy have come to an agreement to extend the debt ceiling, the Associated Press reported Saturday night, citing a source.
Read more »
US President Biden: This deal is good news for the American peopleUS President Biden: This deal is good news for the American people – by anilpanchal7 UnitedStates RiskAversion NewsTrading FiscalPolicy Politics
Read more »
McCarthy and Biden reach agreement in principle on debt limitNow they have to get it to President Joe Biden’s desk in time.
Read more »