The deal represents a major breakthrough after months of political brinkmanship that has threatened to push the United States into default and upend global financial markets
that has threatened to push the United States into default and upend global financial markets.
The standoff over the country’s fiscal outlook has come down to the wire. Without the ability to borrow more money, the U.S. government could run out of cash as early as June 5, according to Treasury Secretary Janet Yellen. That would trigger an unprecedented default, sending shock waves through the world’s financial markets and potentially plunging the U.S. economy into a deep recession.
“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,” he said. The deal would raise the debt limit until 2025, pushing the issue past the next presidential election. In return, nondefence discretionary spending would be capped at current levels for the next two years, according to reports by The New York Times. The agreement also increases some work requirements for government food aid programs, and cuts money that had been assigned to the Internal Revenue Agency to improve tax enforcement – two Republican demands.
“I think we’re in good shape,” Mr. Biden told reporters at the White House on Sunday. Meanwhile Mr. McCarthy told Fox News on Sunday that 95 per cent of Republican legislators were on board with the deal.
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