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Biden, GOP reach tentative deal to raise debt ceiling
Updated On: 29 May, 2023 08:09 AM IST | Washington | Agencies
Support from both parties will be needed to win congressional approval next week
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House Speaker Kevin McCarthy of Calif., speaks at a news conference after President Joe Biden and he reached an “agreement in principle” to resolve the looming debt crisis Saturday. Pic/AP
US President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the nation’s legal debt ceiling late Saturday as they raced to strike a deal to limit federal spending and avert a potentially disastrous US default. However, the agreement risks angering both Democratic and Republican sides with the concessions made to reach it. Negotiators agreed to some Republican demands for increased work requirements for recipients of food stamps that had sparked an uproar from House Democrats as a nonstarter.
Support from both parties will be needed to win congressional approval next week before a June 5 deadline. The Democratic president and Republican speaker reached the agreement after the two spoke earlier Saturday evening by phone, said McCarthy. The country and the world have been watching and waiting for a resolution to a political standoff that threatened the U.S. and global economies.
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