Biden and GOP Reach Tentative Debt Ceiling Agreement
President Joe Biden and House Speaker Kevin McCarthy (R-CA) have reached an “agreement in principle” to raise the nation’s debt ceiling until 2024.
The Details: Congress will vote to approve the agreement, which Biden described as a “compromise,” on Wednesday. Increased work requirements for food stamp recipients were approved, which House Democrats previously called a nonstarter, but overall spending cuts did not go as far as Republicans would have liked.
For Context: Tense negotiations were ongoing for weeks. The U.S. Treasury announced Friday that the government would run out of money by June 5 if the debt ceiling were not raised, which would “cause severe hardship to American families,” and “harm our global leadership position,” according to its Secretary Janet Yellen.
McCarthy: “We still have a lot of work to do. But I believe this is an agreement in principle that’s worthy of the American people. It has historic reductions in spending, consequential reforms that will lift people out of poverty into the workforce, and rein in government overreach. There are no new taxes, no new government programs.”
Biden: “It is an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone. And the agreement protects my and congressional Democrats’ key priorities and legislative accomplishments.”
How The Media Covered It: Sources across the spectrum covered the news fairly similarly as it broke, but the story is still developing while the official agreement is being drafted on Sunday.
Featured Coverage of this Story
From the RightDebt-Ceiling Deal Reached Days Before Default Deadline
Speaker Kevin McCarthy (R., Ky.) and President Joe Biden reached an agreement, in principle, to raise the debt ceiling for two years on Saturday night, potentially averting a national economic crisis.
Early reports of the deal suggest that non-defense-related discretionary spending would be capped at a 1 percent increase until 2025, pushing the next contentious round of negotiations until after the 2024 presidential election. Moreover, nearly $2 billion President Biden had allocated to the IRS via the Inflation Reduction Act would be rescinded alongside a $29 billion clawback of unused government pandemic funds....
From the CenterWhite House, Republicans Reach Tentative Debt Limit Deal to Avoid Default
Democratic President Joe Biden and Republican House Speaker Kevin McCarthy have reached a tentative deal to raise the United States debt ceiling for two years while also cutting federal spending.
Top negotiators for the White House and Republicans reached the agreement on Saturday to raise the debt limit, a breakthrough after weeks of tense talks that came just days ahead of the deadline, Biden and McCarthy confirmed on Saturday night.
Following a phone call between the two leaders, the speaker said they came to an agreement but did not share...
From the LeftBiden and GOP reach debt-ceiling deal. Now Congress must approve it to prevent calamitous default
An “agreement in principle” between President Joe Biden and House Speaker Kevin McCarthy would raise the nation’s legal debt ceiling, but now Congress has only days to approve a package that includes spending cuts and would avert a potentially disastrous U.S. default.
The compromise announced late Saturday risks angering both Democratic and Republican lawmakers as they begin to unpack the concessions. Negotiators agreed to some Republican demands for increased work requirements for recipients of food stamps that House Democrats had called a nonstarter. But bargainers stopped short of greater spending...