Politicians on right and left will be unhappy with some of the terms in Biden and McCarthy’s proposed accord
That would only be the first part of the legislative process, with the bill also having to go before the Senate. If Yellen’s deadline is to be met, all this will have to be completed by Monday week.
Biden said the deal was “good news” as it prevented what could have been a “catastrophic default”. But he also acknowledged that not everyone would get what they wanted.It remains to be seen how many politicians see the proposed deal as a compromise too far and break ranks when it comes to voting for it.
With the debt ceiling approaching, Biden’s Republican opponents, who won control of the House of Representatives last November, sought to use this as leverage to press for significant cuts in government spending as well as other concessions. Biden had already hinted that some Republicans wanted to flirt with a US debt default – and the domestic and global economic chaos it would bring – as this would damage his re-election prospects. Former president Donald Trump effectively encouraged Republicans in the House of Representatives to push ahead with a default if they did not secure “massive cuts”.
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