Several US media outlets, citing sources, reported that US President Joe Biden and House Speaker Kevin McCarthy have reached a debt ceiling deal.
Kevin McCarthy while speaking in the US Capitol said, “After weeks of negotiations, we have come to an agreement in principle”, “We still have a lot of work to do but I believe this is an agreement in principle that’s worthy of the American people”.
He affirmed that the House Republican leaders are planning to schedule a call with GOP members to reveal the details of the deal on Saturday evening.
McCarthy lauded the agreement, saying it has characteristics which will be beneficial as it shows “historic reductions in spending” while looking after the fact that there would be “no new taxes and government programs”. He asserted that the formulated deal included “consequential reforms that will lift people out of poverty and into the workforce”.
He added that the members are working a night long to draft the bill, so that he can have a conversation with President Joe Biden, prior to posting a legislation text on Sunday.
The labelled “Debt Ceiling Deal” has been finalized after weeks of negotiations and volatility towards potential default on the country’s loans. Though, there seems a tussle between the extremes of both parties. The announcement depicts the support from the leaders of both parties, which is essential to pass the resolution.
McCarthy has assured that House members will have 72 hours to review any legislation before voting on it. Following that, the bill would be sent to the Senate for final passage and then to the president for signature.