After weeks of negotiations, President Joe Biden and House Speaker Kevin McCarthy have announced an ' agreement in principle ' to raise the nation's debt ceiling and avoid a potentially catastrophic default.
After weeks of negotiations, President Joe Biden and House Speaker Kevin McCarthy have announced an “ agreement in principle ” to raise the nation’s debt ceiling and avoid a potentially catastrophic default.
It also expands some work requirements for food-stamp recipients and tweaks an environmental law to try to streamline reviews to build new energy projects. McCarthy said he would speak to Biden again on Sunday. House Minority Leader Hakeem Jeffries of New York said in a letter to Democratic colleagues that Biden and McCarthy planned to speak by no later than 2 p.m. to complete the agreement and that Biden administration officials would brief House Democrats on the agreement at 5 p.m.
McCarthy held a call Saturday evening with the Republican caucus, fulfilling a promise he made to show the agreement to them before revealing the legislation to the public. He said he expects to release the text of the bill publicly Sunday afternoon. Reaction was mixed. Rep. Dan Bishop of North Carolina tweeted a vomit emoji, complaining that some Republicans on the call were praising the speaker for getting what he said is “almost zippo in exchange” for the debt ceiling hike.
Once the bill reaches the Senate, where Democrats have the majority, the pace of action will largely depend on whether any senators try to hold up the bill, possibly with amendment votes. That could tie up the legislation for a few days.
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