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Published 1 year ago

House debt ceiling vote nears to avert default with Biden and McCarthy both confident of passage

  • The Senate is rushing to give final passage to a debt ceiling and budget cuts package negotiated by President Joe Biden and Speaker Kevin McCarthy before the Treasury's fast-approaching deadline next Monday.
  • Although several Senators have proposed amendments to reshape the package, it is unlikely for any changes to be made at this stage. The package restricts spending, suspends the debt ceiling, changes some policies, and bolsters funds for defense and veterans while cutting back new money for IRS agents.
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