America
Fierce war on debt moves to US Congress
To avoid defaulting on payments, the policy received Saturday evening by Joe Biden and Kevin McCarthy will require elected progressives and conservatives to break the slings.
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The House of Representatives, where Republicans hold a slim majority of 222 to 213, will vote before the Senate on Wednesday.
AFP
The bitter battle between Democrats and Republicans to avert a U.S. payments disaster moves to Congress on Sunday, where it promises to be tough and with uncertain consequences.
“Surrender”
After Marathon negotiationsPresident Joe Biden and Republican Congressman Kevin McCarthy made the announcement Saturday evening Agreed in principle Raising the US debt ceiling makes it possible to eliminate the threat of bankruptcy from June 5. But the deal must win approval from a divided Congress and has already been subject to protests by elected progressives and conservatives, with some talking of “capitulation.”
“He may not satisfy everyone, but it’s a step in the right direction that no one expected,” Republican Party Chairman Kevin McCarthy defended Sunday on Fox News, particularly welcoming the “historic” cuts in public spending. He predicted that a “majority” of elected Republicans would vote for the text. It will be voted on Wednesday in the House of Representatives, where Republicans hold a slim majority of 222 to 213. Next comes the Senate, narrowly controlled by Democrats (51-49).
Why America’s Debt Is Troubled
“Reconciliation”
President Biden also welcomed the “compromise” on Saturday evening, saying it was “good news because it avoids what could have been. Catastrophe (Charge) DefaultAccording to a press release from House Minority Leader Hakeem Jeffries on Sunday, he was scheduled to meet with the Republican leader again later this afternoon to finalize the terms of the deal, which must be turned into a bill.
The text of the deal has not yet been released, but it raises the U.S. public debt ceiling for two years, so after the 2024 presidential election. It is currently pegged at $31.4 trillion. Non-defense spending will remain virtually unchanged next year and will increase only nominally in 2025. Separately, the new rules apply to access to some federal aid programs, but the deal cuts the inflation law and students, according to a source familiar with the negotiations. Debt relief plan signed by Joe Biden.
protested
Each side claims victory. According to Democrats, there are no significant cuts that Republicans wanted, ensuring that spending will be limited for the first time in history for their part. President Biden has long refused to come to the negotiating table, accusing the opposition of taking the US economy “hostage,” but finally decided to do so.
However, the situational coalition between elected progressives and elected conservatives within the Democratic Party threatens not to ratify the deal. Conservative Republicans like Bob Goode or Lauren Bobert have already announced their opposition to the speech. “No elected official from the conservative camp can justify a positive vote”, assessed, and “our voters are better than that, you can count me NO to the deal”, a second tweet. Thirdly, Rep. Don Bishop took the Republican president to task for “getting almost nothing.”
Without raising the debt, the first world power risks defaulting on June 5, unable to meet its financial obligations: pay civil servants’ salaries, pensions or repay its creditors.
(AFP)
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