Biden, McCarthy reach debt ceiling deal to avoid default

Guno צְבִי

Guno צְבִי

We fight, We win, Am Yisrael Chai
Top leaders in both parties reached a long-sought deal on Saturday to avoid an unprecedented government default, announcing an agreement on a plan to lift the debt ceiling immediately and apply new caps on federal spending in the name of curbing deficits.

The proposal still faces tall barriers to passage, particularly in the House, where conservatives wasted no time hammering the compromise as a capitulation by McCarthy to Biden — one they say has undermined the deficit reduction goals of Republicans going into the talks. They’re vowing to oppose the measure when it hits the floor.

https://www.msn.com/en-us/news/poli...Z?cvid=ec28c46fab7b4322bde4a5fc91ee32a4&ei=30
 
Under the terms of the deal, Republicans agreed to extend the government’s borrowing authority for two years — pushing the threat of default beyond the 2024 elections, as Biden had demanded, according to a source familiar with the agreement.

In return, the White House agreed to freeze — or accept small cuts — in federal spending for 2024, which could affect discretionary programs favored by Democrats. Funding for the Pentagon, meanwhile, would increase consistent with Biden’s budget request.

The agreement also increases the age at which recipients of food stamps must seek work to be eligible for the benefits, from 49 to 54 — a key request of Republicans. But it would also ease work requirements for certain groups, including veterans and the homeless — changes designed to sweeten the deal for Democrats.


https://www.msn.com/en-us/news/poli...Z?cvid=ec28c46fab7b4322bde4a5fc91ee32a4&ei=30
 
PostmodernProphet said:
see all the drama that could have been avoided if Biden simply had admitted he planned to fold after all.....
Click to expand...

He didn't fold

Under the terms of the deal, Republicans agreed to extend the government’s borrowing authority for two years — pushing the threat of default beyond the 2024 elections, as Biden had demanded, according to a source familiar with the agreement.

In return, the White House agreed to freeze — or accept small cuts — in federal spending for 2024, which could affect discretionary programs favored by Democrats. Funding for the Pentagon, meanwhile, would increase consistent with Biden’s budget request.

The agreement also increases the age at which recipients of food stamps must seek work to be eligible for the benefits, from 49 to 54 — a key request of Republicans. But it would also ease work requirements for certain groups, including veterans and the homeless — changes designed to sweeten the deal for Democrats.
 
You must log in or register to reply here.
Back
Top