“Biden and Congressional Leaders Reach Bipartisan Budget Agreement to Prevent Default: Latest News Updates”

2023-05-31 00:15:21

“President Biden and Congressional leaders have reached a bipartisan budget agreement that will prevent a catastrophic default,” the White House said in a tweet.

The statement added, “Now is the time for the House of Representatives and the Senate to pass this bill so that the president can sign it into law.”

Earlier, the Speaker of the US House of Representatives, Kevin McCarthy, announced a preliminary agreement with the White House on the public debt ceiling.

And the US administration is asking for more borrowing just to meet the expenses that have already been paid, which means that the Republicans’ refusal to raise the debt ceiling will make Washington unable to pay its bills, which leads to a set of economic shocks.

Republicans argue that the US national debt, at more than $31 trillion, is too high to accept and that there should be an agreement to balance the books, rather than simply authorizing a higher debt premium.

Democrats say they are willing to discuss the budget, but first the debt ceiling must be raised unconditionally, so that current bills can be paid and the United States’ fiscal credibility preserved.

But the Biden team says the group of Republican spending cuts is being fueled by the agenda of the hard right wing, which is increasingly dominant in the party.

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