Biden Says Debt Ceiling Deal Reached with GOP, Bill Going to Congress

President Biden says a deal has been reached with the GOP on a invoice to elevate the U.S. debt ceiling — however Congress nonetheless has to log off on it … and fairly quickly, too.

JB made the announcement Sunday, telling reporters he and Speaker Kevin McCarthy finalized the language on laws they will introduce to the House of Representatives later this week … in hopes that it passes shortly, at which level it goes to the Senate.

While it stays to be seen if that’ll truly occur — and it wants to earlier than early June, or else — Joe sounded optimistic concerning the bipartisan settlement … noting either side did not essentially get every thing they wished … however, in the identical breath, admitting that what they’d landed on was ok to keep away from a catastrophic default/possible financial collapse.

As for what precisely the deal entails … nicely, that’ll be revealed when the invoice is posted publicly so everybody can peruse the deets. Reports have been flying forward of that although … and it appears like SNAP profit recipients are going to be hit with new work necessities, one thing many Democrats are lamenting. But some Republicans are groaning as nicely.

Without bogging you down with the trivialities … some GOPers say McCarthy conceded an excessive amount of and did not reduce federal spending in a significant approach — however reasonably, kicked the can down the street … whereas additionally letting Biden and the Dems to keep quite a lot of the budgeting they’ve already put in place, together with just about every thing within the Inflation Reduction Act.

Another component from the deal … this debt deadline difficulty — which circles again each few years or so — will likely be untouched for an additional two years … after we’ll do that over again.

The humorous factor … either side are sorta lauding the brand new price range deal as a W for his or her respective events — though there are dissenters from either side of the aisle crying foul … and contemplating Speaker McCarthy has to appease MAGA Republicans without end extra, it will be fascinating to see in the event that they name for his seat within the fallout. He’s stated he is not fearful about it.