Joe Biden and Kevin McCarthy have found an “agreement in principle” on the debt ceiling. This was reported by White House sources al New York Times. The agreement provides for the ceiling to be raised for two years in exchange for cuts to some federal programs.
“Speaker McCarthy and I reached an agreement on the debt ceiling tonight,” he announced Joe Biden in a note underlining that it is “a compromise and therefore not everyone will get what they wanted”. However, the president stressed the fact that the agreement “is good news for the Americans”
The danger of default would therefore be averted. After a marathon of talks, negotiations, and even dawn bike rides, Republicans and Democrats have struck a deal that will avert the first default in US history. It is, they report White House sources al New York Times, of an “agreement in principle” which provides for the raising of the debt ceiling for the next two years in exchange for cuts to the administration’s programme. Still there is no official announcement but Joe Biden from Camp David spoke with the Speaker of the House, the Republican Kevin McCarthy, and the minority leader Hakeem Jeffries. Congressional approval of the plan before June 5.
“After weeks of negotiations we have reached an agreement that will benefit American citizens.” The Speaker of the House told reporters Kevin McCarthy about the debt ceiling agreement. “There is still a lot of work to do but we will vote on the agreement on Wednesday,” announced the Republican.