President Biden says a deal has been reached with the GOP on a bill to raise the U.S. debt ceiling — but Congress still has to sign off on it … and pretty soon, too.
JB made the announcement Sunday, telling reporters he and Speaker Kevin McCarthy finalized the language on legislation they’ll introduce to the House of Representatives later this week … in hopes that it passes quickly, at which point it goes to the Senate.
“The agreement prevents the worst possible crisis — a default, for the first time in our nation’s history.”
— Pres. Biden on the bipartisan debt ceiling agreement reached with Speaker McCarthy, saying neither side got exactly what it wanted pic.twitter.com/KHtwFEZ9YG
— The Recount (@therecount) May 28, 2023
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While it remains to be seen if that’ll actually happen — and it needs to before early June, or else — Joe sounded optimistic about the bipartisan agreement … noting both sides didn’t necessarily get everything they wanted … but, in the same breath, admitting that what they’d landed on was good enough to avoid a catastrophic default/likely economic collapse.
As for what exactly the deal entails … well, that’ll be revealed when the bill is posted publicly so everyone can peruse the deets. Reports have been flying ahead of that though … and it sounds like SNAP benefit recipients are going to be hit with new work requirements, something many Democrats are lamenting. But some Republicans are groaning as well.
Kevin McCarthy dismissed threats of opposition among fellow Republicans and said he is not worried about losing his speakership over the debt-ceiling deal he cut with President Joe Biden https://t.co/Cprx5k8q5A pic.twitter.com/LZzVzuyfkS
— Reuters (@Reuters) May 28, 2023
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Without bogging you down with the minutiae … some GOPers say McCarthy conceded too much and didn’t cut back federal spending in a meaningful way — but rather, kicked the can down the road … while also letting Biden and the Dems to maintain a lot of the budgeting they’ve already put in place, including pretty much everything in the Inflation Reduction Act.
Another element from the deal … this debt deadline issue — which circles back every few years or so — will be untouched for another two years … when we’ll do this all over again.
Speaker McCarthy on the tentative debt ceiling deal:
“Right now, the Democrats are very upset. The one thing Hakeem told me, there’s nothing in the bill for them. There’s not one thing in the bill for Democrats.” pic.twitter.com/IwEDaivfht
— The Post Millennial (@TPostMillennial) May 28, 2023
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The funny thing … both sides are sorta lauding the new budget deal as a W for their respective parties — although there are dissenters from each side of the aisle crying foul … and considering Speaker McCarthy has to appease MAGA Republicans forever more, it’ll be interesting to see if they call for his seat in the fallout. He’s said he isn’t worried about it.
In any case, it seems like we’ll avoid having to start paying back trillions of dollars we’ve borrowed as a country (for now). Yay for procrastination and prolonging our financial woes!