US EditionBiden, McCarthy reach 'agreement in principle' to raise debt ceiling, speaker says
- President Joe Biden and House Speaker Kevin McCarthy have reached an agreement in principle to raise the nation's legal debt ceiling to avert a potentially disastrous U.S. default.
- The agreement requires Congress to approve a spending cuts package in a matter of days, which risks angering both Democratic and Republican sides with the concessions made to reach it.
- Support from both parties will be needed to win congressional approval before a projected June 5 government default on U.S. debts.
392 Articles
392 Articles
The President of the United States, Joe Biden, and the Speaker of the House of Representatives, Kevin McCarthy, recently forged a preliminary agreement to raise the nation's legal debt ceiling. This agreement seeks to avoid a potentially catastrophic default and, at the same time, to curb public spending. As Congress examines the 99-page bill that suspends the debt limit until 2025, essential components of the legislation are being unveiled, suc…
[Yomiuri Shimbun] [Washington = Maita Kazuhiko] On the 28th, US President Biden asked Congress to pass a bill with the content agreed in principle with House Speaker Kevin McCarthy of the opposition party and Republican Party regarding raising the “debt limit” that defined the government's loan limit at an early stage. Both men are 2
The compromise, which aims to avoid a default by the federal government, provides for a rise in the debt ceiling in exchange for budget cuts. It must be submitted in the coming days to the votes of the House of Representatives and then the Senate.
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