A failure by Congress to deal with its self-imposed debt ceiling before June 5 could trigger a default that would shake financial markets and send the United States into a deep recession.
American politician, 55th Speaker of the United States House of RepresentativesWASHINGTON - U.S. House Speaker Kevin McCarthy predicted on Sunday that a majority of his fellow Republicans would support the deal to suspend the $31.4 trillion debt ceiling that he negotiated at the weekend with President Joe Biden.
Biden and McCarthy were due to speak later on Sunday to finalize the agreement, which has drawn fire from hardline Republicans and progressive Democrats. House Republicans expected on Sunday to unveil legislation to pass the deal.Members of the Republican hardline House Freedom Caucus said they would try to prevent the agreement from passing the House in a vote expected on Wednesday.
Republicans control the House by 222-213, while Democrats control the Senate by 51-49. These narrow margins mean that moderates from both sides will have to support the bill, if the compromise loses the support of the far left and far right wings of each party. House Democrats, who were due to be briefed on the deal at 5 p.m. by the White House, had feared the agreement would parallel a Republican debt ceiling plan that passed the House last month and would have imposed deep cuts on domestic spending.
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