US Debt Crisis Live News Updates: Joe Biden & top congressional Republican Kevin McCarthy have tentative US debt ceiling deal – The Economic Times
“House Republicans have an agreement in principle with the White House on a debt-limit deal. Member call at 9:30 p.m.,” a Punchbowl reporter wrote on Twitter.
The deal would avert an economically destabilizing default, so long as they succeed in passing it through the narrowly divided Congress before the Treasury Department runs short of money to cover all its obligations, which it warned Friday will occur if the debt ceiling is not raised by June 5.
Republicans who control the House of Representatives have pushed for steep cuts to spending and other conditions, including new work requirements on some benefit programs for low-income Americans and for funds to be stripped from the Internal Revenue Service, the U.S. tax agency.
They said they want to slow the growth of the U.S. debt, which is now roughly equal to the annual output of the country’s economy.
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