President Biden says a deal has been reached with the GOP on a invoice to boost the U.S. debt ceiling — however Congress nonetheless has to log out on it … and fairly quickly, too.
JB made the announcement Sunday, telling reporters he and Speaker Kevin McCarthy finalized the language on laws they’re going to introduce to the Home of Representatives later this week … in hopes that it passes rapidly, at which level it goes to the Senate.
“The settlement prevents the worst attainable disaster — a default, for the primary time in our nation’s historical past.”
— Pres. Biden on the bipartisan debt ceiling settlement reached with Speaker McCarthy, saying neither facet obtained precisely what it wished pic.twitter.com/KHtwFEZ9YG
— The Recount (@therecount) Could 28, 2023
@therecount
Whereas it stays to be seen if that’ll really occur — and it must earlier than early June, or else — Joe sounded optimistic concerning the bipartisan settlement … noting each side did not essentially get every thing they wished … however, in the identical breath, admitting that what they’d landed on was adequate to keep away from a catastrophic default/seemingly financial collapse.
As for what precisely the deal entails … nicely, that’ll be revealed when the invoice is posted publicly so everybody can peruse the deets. Reviews have been flying forward of that although … and it feels like SNAP profit recipients are going to be hit with new work necessities, one thing many Democrats are lamenting. However some Republicans are groaning as nicely.
Kevin McCarthy dismissed threats of opposition amongst fellow Republicans and mentioned he’s not fearful about shedding his speakership over the debt-ceiling deal he reduce with President Joe Biden https://t.co/Cprx5k8q5A pic.twitter.com/LZzVzuyfkS
— Reuters (@Reuters) Could 28, 2023
@Reuters
With out bogging you down with the trivia … some GOPers say McCarthy conceded an excessive amount of and did not reduce federal spending in a significant manner — however fairly, kicked the can down the highway … whereas additionally letting Biden and the Dems to keep up numerous the budgeting they’ve already put in place, together with just about every thing within the Inflation Discount Act.
One other aspect from the deal … this debt deadline concern — which circles again each few years or so — might be untouched for an additional two years … after we’ll do that another time.
Speaker McCarthy on the tentative debt ceiling deal:
“Proper now, the Democrats are very upset. The one factor Hakeem informed me, there’s nothing within the invoice for them. There’s not one factor within the invoice for Democrats.” pic.twitter.com/IwEDaivfht
— The Put up Millennial (@TPostMillennial) Could 28, 2023
@TPostMillennial
The humorous factor … each side are sorta lauding the brand new funds deal as a W for his or her respective events — though there are dissenters from all sides of the aisle crying foul … and contemplating Speaker McCarthy has to appease MAGA Republicans perpetually extra, it’s going to be fascinating to see in the event that they name for his seat within the fallout. He is mentioned he is not fearful about it.
In any case, it looks as if we’ll keep away from having to start out paying again trillions of {dollars} we have borrowed as a rustic (for now). Yay for procrastination and prolonging our monetary woes!
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