Key Points
President Joe Biden and House Speaker Kevin McCarthy reached an agreement in principle to raise the nation's legal debt ceiling late on Saturday (May 27) as they raced to strike a deal to limit federal spending and avert a potentially disastrous U.S. 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...
Thats the responsibility of governing, he said.. Mr. Biden 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.. Mr. McCarthy in brief remarks at the Capitol said that "we still have a lot of work to do...
The deal came together after Treasury Secretary Janet Yellen told Congress that the United States could default on its debt obligations by June 5 four days later than previously estimated if lawmakers did not act in time to raise the federal debt ceiling..
The Republican House speaker had gathered top allies behind closed doors at the Capitol as negotiators pushed for a deal that would avoid the first-ever government default while also making spending cuts that House Republicans are demanding...
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