'Each side was responding to internal pressures and the need to come to a bipartisan agreement to avoid default. More time and different players would not have made much of a difference.' -James C. Capretta
President Joe Biden talks with House Speaker Kevin McCarthy in Washington, March 17, 2023. There are stark differences in how President Joe Biden and House Speaker Kevin McCarthy want to shore up the government's finances.is a modest step forward for responsible governance and should be swiftly approved by Congress for several reasons, especially because it is needed to prevent a damaging default. The U.S. government has never failed to pay all of its bills, and never should.
Over a period spanning about 30 years, a cluster of aligned groups in and out of Congress have made their reputations by standing against nearly every necessary budgetary compromise, of which there have been many. Indeed, opposition to what is plainly required has become so predictable in certain quarters that it almost did not matter what was in the current deal. They were going to stand against it irrespective of the details.
The deal also breaks new ground by creating a device for constraining expensive administrative actions, which have largely escaped budget discipline to this point. The new provision is supposed to require offsetting savings whenever an administration approves an expensive regulation or other program liberalization, although its effectiveness has yet to be tested. Still, its inclusion in the legislation should be seen as a step forward.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden-McCarthy debt limit deal to face new obstacles in Senate as looming deadline closes inThe Senate is struggling to reach an arrangement to allow for swift passage of the Biden-McCarthy debt limit deal before next week’s default deadline.
Read more »
House Approves Debt-Ceiling Deal Struck by Biden and McCarthyBreaking: The House passed a bill to raise the debt limit in return for spending cuts, a vote seen as a test of Speaker Kevin McCarthy's leadership. It now goes to the Senate.
Read more »
House Passes Biden-McCarthy Debt Deal to Avoid DefaultBREAKING: The U.S. House approved a package on Wednesday night that extends the federal government’s borrowing limit while cutting spending—just days away from a catastrophic default on the federal debt.
Read more »
House votes to pass debt limit bill to avoid default, sends Biden-McCarthy deal to SenateThe House voted to pass a debt ceiling and budget cuts package on Wednesday night, a crucial step in averting a potential default just days away.
Read more »
House passes McCarthy-Biden debt ceiling deal, sends to Senate five days before funding crunchThe bill implementing the debt ceiling deal passed in a 314-117 vote on Wednesday night, setting it up for a vote in the Senate later this week.
Read more »
House OKs debt ceiling bill to avoid default, sends Biden-McCarthy deal to SenateA default-averting debt ceiling and budget cuts package is headed toward a crucial House vote as President Joe Biden and Speaker Kevin McCarthy scramble to assemble a coalition of centrist Democratic and Republican supporters against fierce conservative blowback and progressive dissent.
Read more »