The US government’s debt ceiling is about to be raised now that President Joe Biden has reached a tentative deal with Speaker McCarthy.
Biden says in a tweet that he had reached an agreement with McCarthy on a potential budget “in principle.”
“Earlier this evening, Speaker McCarthy and I reached a budget agreement in principle. It is an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone. And, the agreement protects my and Congressional Democrats’ key priorities and legislative accomplishments.
The agreement represents a compromise, which means not everyone gets what they want. That’s the responsibility of governing.
And, this agreement is 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. Over the next day, our negotiating teams will finalize legislative text and the agreement will go to the United States House and Senate. I strongly urge both chambers to pass the agreement right away.”
McCarthy also hinted via Twitter at some sort of agreement between Republicans and the President.
“I just got off the phone with the president a bit ago. After he wasted time and refused to negotiate for months, we’ve come to an agreement in principle that is worthy of the American people.”
At time of writing, the US is $31.8 trillion in debt.
The tentative agreement to raise the debt ceiling comes following a warning from Treasury Secretary Janet Yellen, who said that the US could plunge into an “economic calamity” if the government fails to reach an agreement.
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