Just days away from a possible default by the U.S. government, a deal was struck on Sunday between President Joe Biden and House Speaker Kevin McCarthy to increase the country’s debt ceiling, while also securing necessary support from both Republican and Democratic members for its passage in the upcoming week. An individual with knowledge of the situation, who wished to remain unnamed, confirmed the final concurrence between the two leaders.
This finalization occurred as lawmakers scrambled to compose the legislative text, aiming to offer a chance for a review of the compromises that are unlikely to win the favor of the far right or far left factions of Congress. Instead, the leaders are focusing on securing support from members closer to the middle in Congress as the June 5 deadline to prevent a catastrophic federal default looms. “I think we’re in good shape,” commented Biden around noon.
Late on Saturday, a compromise was revealed which involves spending cuts. This, however, might provoke discontent among some lawmakers as they delve deeper into the details of the concessions. Upon his return to the White House from Delaware, Biden informed reporters that he had faith in the plan reaching his desk for approval. Expressing similar confidence at the Capitol, McCarthy said “At the end of the day, people can look together to be able to pass this.”