President Biden announced a deal had been reached with the GOP on a bill that would raise the U.S. debt ceiling. There’s just one more thing; Congress must sign off on it.
News of the deal broke Saturday, with Biden telling reporters he and Speaker Kevin McCarthy finalized the language on the bill that will be introduced to the House of Representatives later this week.
If it passes, it’ll then go to the Senate.
Hopefully, that will happen before early June. Joe sounded optimistic about the bipartisan agreement, admitting that both sides don’t always get everything they want. However, he noted that what they’d landed on was good enough to avoid a catastrophic default/likely economic collapse.
The bill’s details will be revealed when the bill is posted publicly. Some reports say under the new legislation, SNAP benefit recipients will undergo l new work requirements.
Some GOPers say McCarthy conceded too much and didn’t cut back federal spending meaningfully. As for Biden and the Democrats, they reportedly maintained a lot of the budgeting that was already set, including the majority of everything in the Inflation Reduction Act.
The deal, if passed, will be set in stone for two years.
Evidently, both parties are saying the new budget is a win for both sides. But there are some opposed to the bill, saying it’s not fair.
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