The debt ceiling deal has come with just days to spare before a potential first-ever government default
The compromise announced late Saturday includes spending cuts but risks angering some lawmakers as they take a closer look at the concessions. McCarthy and Biden were expected to put the finishing touches on the agreement in a midafternoon call once the final legislative text was drafted.
Winning enough support to pass the deal, even with buy-in from the McCarthy, R-Calif., and the White House, remained a work in progress. A White House statement issued after announcement of the agreement in principle, reached after Biden and McCarthy spoke by phone Saturday evening, said it"prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost.”
Driving hard for a deal to impose tougher work requirements on government aid recipients, Republicans achieved some but not all of what they wanted. The agreement would raise the age for existing work requirements on able-bodied adults, from 49 to 54, without children. Biden was able to secure waivers for veterans and the homeless.
“I think you’re going to get a majority of Republicans voting for this bill," McCarthy said on “Fox News Sunday," adding that because Biden backed it,"I think there’s going to be a lot of Democrats that will vote for it, too.”
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