House Speaker Kevin McCarthy confirmed Saturday that the White House and Republicans have reached a tentative deal on the debt ceiling. MORE ⬇️
Speaker Kevin McCarthy announced at a brief presser on Saturday night that House Republicans and the White House have reached a tentative deal to raise the federal government's debt limit, ending a months-long stalemate.
The Speaker was light on specific details regarding the bill, instead calling it,"an agreement in principle that's worthy of the American people." Sources say the budget deal would keep non-defense spending roughly flat with current levels in fiscal year 2024, increasing by 1% in 2025. The welcome breakthrough comes just days before June 5 -- the date Treasury Secretary Janet Yellen warned the U.S. could run out of cash to pay all of its bills on time.Time is of the essence to push the deal through before potential default. McCarthy's pledged to give House members 72 hours to review the legislation before a vote. And in the Senate, it would only take one lawmaker to possibly delay approval for up to a week.
A default could also result in Social Security, Medicare and Medicaid payments -- as well as military pay and veterans benefits -- going unpaid or being delayed.
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