President Joe Biden and House speaker Kevin McCarthy reached a deal ‘in principle’ after a long showdown to raise the government's $31.4 trillion debt ceiling and avoid a looming default
at 2023 levels for one year and increase it by 1% in 2025, a source familiar with the deal said.
Republicans who control the House of Representatives have pushed for steep cuts to spending and other conditions, and were sharply critical of the deal as early details were reported. One high-ranking member of the House Freedom Caucus said they were in the process of gauging member sentiment, and unsure what the vote numbers might be.Republicans say they want to cut spending to slow the growth of the U.S. debt, which is now roughly equal to the annual output of the country's economy. Biden and Democrats have pushed to increase taxes on the wealthy and companies to shrink the debt while increasing spending on programs like free community college.
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McCarthy confident that Congress will meet new debt limit deadlineHouse Speaker Kevin McCarthy said Saturday that Congress will meet the June 5 deadline to raise the debt ceiling.
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AP source: Biden, McCarthy reach 'agreement in principle' to raise debt ceiling as default loomsPresident Joe Biden and House Speaker Kevin McCarthy have reached an “agreement in principle” to resolve the looming debt crisis. That's according to a person familiar with the situation, who spoke on condition of anonymity because they were not authorized to speak publicly on the matter. They spoke by phone earlier in the evening as they raced to prevent a catastrophic debt default. With the outline of an agreement, a legislative package can be drafted in time for votes in Congress next week. That's ahead of a projected June 5 federal default. Negotiators have wrangled over a deal that would also making spending cuts that House Republicans are demanding.
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AP source: Biden, McCarthy reach 'agreement in principle' to raise debt ceiling as default loomsWASHINGTON — President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” late Saturday as they raced to strike a deal that to limit federal spending and resolve the looming debt crisis ahead of a June 5…
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AP source: Biden, McCarthy reach 'agreement in principle' to raise debt ceiling as default loomsWASHINGTON — President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” late Saturday as they raced to strike a deal that to limit federal spending and
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Biden, McCarthy reach 'agreement in principle' to raise debt ceilingBREAKING: President Joe Biden and House Speaker Kevin McCarthy have reached an 'agreement in principle' as they race to strike a deal to limit federal spending and resolve the looming debt crisis ahead of a June 5 deadline.
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