On Saturday, just days before the United States threatened to default, President Joe Biden and Republican Leader Kevin McCarthy announced an agreement to raise the debt ceiling.
Congress will vote Wednesday on an agreement to expand the government’s borrowing power, so the government can borrow beyond June 5, when the Treasury Department said it would not have been able to. to pay its bills, threatening to destabilize the world’s largest economy.
Mr Biden said in a statement that the deal was “good news for the American people because it averts a catastrophic default that would have led to an economic downturn, devastated pension accounts and the loss of millions of jobs. “.
Mr McCarthy, who spoke to Mr Biden on Saturday about how to finalize the deal, said there was still “a lot of work to do” but he thought it was “fundamentally a agreement worthy of the American people”. The Republican president added that he would consult with the president again on Sunday and oversee the final drafting of the bill, which the House of Representatives would “vote on Wednesday.”
Source: The Delfi
