House Republicans have reached a tentative deal with the White House to address the nation's debt ceiling and avoid a default on U.S. sovereign debt.
Speaker of the House Kevin McCarthy talks to reporters about the debt ceiling after the departure of White House negotiators, at the U.S. Capitol in Washington, U.S., May 23, 2023.WASHINGTON — House Republicans have reached a tentative deal with the White House to address the nation's debt ceiling and avoid a catastrophic default on U.S.
It also marks the start of a lobbying blitz by House and Senate leaders in both parties to convince their members to vote for the package, which will need to win enough votes in the GOP-controlled House and Democratic-held Senate to raise the U.S. debt ceiling in time to meet a June 5 deadline. The announcement of a deal surprised official Washington, where members of both the House and Senate were out of town for Memorial Day. President Joe Biden left the city on Friday to spend the weekend at Camp David.
The following week of June 5, Treasury will owe "an estimated $92 billion of payments and transfers," Yellen wrote in a public letter to House Speaker Kevin McCarthy. Nonetheless, many Republicans have come to view the biennial vote to raise the debt limit as an opportunity to extract concessions from Democrats in exchange for their votes to avoid a debt default.
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