US President Joe Biden and Republican Speaker Kevin McCarthy have sealed their compromise on a bill that would keep the US out of default.
Earlier, only a “temporary agreement” was talked about. “Speaker McCarthy and I have reached a bipartisan budget agreement that will prevent the worst crisis — a first-time default in our nation’s history,” Biden said on Twitter on Sunday (local time).
Biden continued that the deal was “good news” for the American people. He called on Congress to immediately pass a deal to raise the U.S. debt ceiling by 2025 in exchange for significant spending cuts. The assembly is scheduled to vote on Wednesday.
The bill must pass both houses of Congress – the House of Representatives and the Senate – and be signed by the President soon, so that the US government runs out of money. US Treasury Secretary Janet Yellen has warned that the money will run out on June 5. It was a heated controversy that prompted Biden to cancel foreign trips.
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