U.S. President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” Saturday to resolve the looming debt crisis.
We apologize, but this video has failed to load.As he arrived at the Capitol early in the day, McCarthy said that Republican negotiators were “closer to an agreement.”
Both sides have suggested one of the main holdups is a GOP effort to expand existing work requirements for recipients of food stamps and other federal aid programs, a longtime Republican goal that Democrats have strenuously opposed. The White House said the Republican proposals were “cruel and senseless.”
Failure to lift the borrowing limit, now $31 trillion, to pay the nation’s incurred bills, would send shockwaves through the U.S. and global economy. Yellen said failure to act by the new date would “cause severe hardship to American families, harm our global leadership position and raise questions about our ability to defend our national security interests.”
Biden and McCarthy have seemed to be narrowing on a two-year budget-cutting deal that would also extend the debt limit into 2025 past the next presidential election. The contours of the deal have been taking shape to cut spending for 2024 and impose a 1% cap on spending growth for 2025.Article content
The Republican proposal on work requirements would save $11 billion over 10 years by raising the maximum age for existing standards that require able-bodied adults who do not live with dependents to work or attend training programs.Article content
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
On 3rd anniversary of George Floyd's death, Biden stops GOP-led effort to block DC police reform lawPresident Joe Biden on Thursday – the third anniversary of George Floyd’s murder – vetoed an effort led by congressional Republicans to overturn a new District…
Lire la suite »
Amanda Gorman's poem for Biden's inauguration barred for younger children by Florida schoolA poem written for President Joe Biden's inauguration has been placed on a restricted list at a South Florida elementary school after one parent's complaint.
Lire la suite »
Simmering tensions erupt between top Texas state RepublicansJust days after Texas Attorney General Ken Paxton accused the state House speaker of presiding over the chamber while drunk and called on him to resign, a GOP-led House ethics panel heard explosive testimony from investigators detailing what they described as years of misconduct by the attorney general, later recommending his impeachment.
Lire la suite »
Biden celebrates LSU women's and UConn men's basketball teams at separate White House eventsAll of the past drama and sore feelings associated with Louisiana State's invitation to the White House was seemingly forgotten or set aside Friday as President Joe Biden and first lady Jill Biden welcomed the championship women's basketball team to the mansion with smiles, hugs and lavish praise all around.
Lire la suite »
Biden, McCarthy agree to talk on debt crisis, speaker says negotiators 'closer to an agreement'President Joe Biden and House Speaker Kevin McCarthy agreed to speak Saturday evening as they race to strike an agreement that would resolve the looming debt crisis ahead of a June 5 deadline to avert a catastrophic U.S. default.
Lire la suite »
Biden, McCarthy agree to talk on debt crisis, one GOP negotiator says 'thorny issues' remainPresident Joe Biden and House Speaker Kevin McCarthy agreed to speak Saturday evening as they race to strike an agreement that would resolve the looming debt crisis ahead of a June 5 deadline, or risk a catastrophic U.S. default.
Lire la suite »