Sunday, May 28, 2023, 10:57
The President of the United States, Joe Biden, announced this Sunday that the White House has finally reached an agreement with the Speaker of the House of Representatives, Kevin McCarthy, to raise the debt limit for a period of two years. “This agreement is good news for the American people, because it avoids what could have been a catastrophic payment default that would have led to an economic recession, devastated retirement accounts and millions of lost jobs,” he said in a statement sent by the White House.
Biden has stressed that the agreement represents a “commitment.” “Over the next few days, our negotiating teams will finalize the legislative text and the agreement will go to the House and the Senate,” she added. The news comes after some intense days of contacts between the Biden and McCarthy teams during the day on Saturday. The Republican has urged the parties to work towards the vote on the text, scheduled for Wednesday. “We will vote for a deal that limits debt (and) stops reckless Democrat spending, recovers unspent Covid-19 funds, blocks Biden’s new tax schemes, and much, much more,” McCarthy previously said. on his Twitter profile.
The United States Secretary of the Treasury, Janet Yellen, set the deadline for the approval of the measure on June 5, so the House of Representatives is already working against the clock to give the text the “green light” and that it be signed. by Biden ASAP. Yellen previously warned that failure to reach a debt ceiling deal would lead to “an economic and financial catastrophe” that would unleash a global recession and threaten to undermine US leadership.
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