Senate Majority Leader Chuck Schumer of New York has pledged to move quickly to send a compromise package to Biden’s desk. The Democratic-held Senate has largely stayed out of the negotiations, leaving the talks to Biden and McCarthy. Lawmakers are not expected to return to work from the Memorial Day weekend before Tuesday, at the earliest, and McCarthy has promised lawmakers he will abide by the rule to post any bill for 72 hours before voting. Many of the hard-right Trump-aligned Republicans in Congress have long been skeptical of the Treasury’s projections, and they are pressing McCarthy to hold out. The president, spending part of the weekend at Camp David, continued to talk with his negotiating team multiple times a day, signing off on offers and counteroffers.Īny deal would need to be a political compromise in a divided Congress. Yellen said failure to act by the new date would “cause severe hardship to American families, harm our global leadership position and raise questions about our ability to defend our national security interests.” “That’s the responsibility of governing,” he said.īiden called the agreement “good news for the American people, because it prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost.” “The agreement represents a compromise, which means not everyone gets what they want,” Biden said in a statement late Saturday night. The country and the world have been watching and waiting for a resolution to a political standoff that threatened the U.S. The Democratic president and Republican speaker reached the agreement after the two spoke earlier Saturday evening by phone. Support from both parties will be needed to win congressional approval next week before the government’s projected June 5 debt default. Negotiators agreed to some Republican demands for increased work requirements for recipients of food stamps that had sparked an uproar from House Democrats as a nonstarter. However, the agreement risks angering both Democratic and Republican sides with the concessions made to compromise. WASHINGTON (AP) - President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the nation’s legal debt ceiling late Saturday as they raced to strike a deal to limit federal spending and avert a potentially disastrous U.S.
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