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Showing posts with the label ceiling

Debt ceiling agreement gets thumbs up from business groups, jeers from some on political right

The reviews are starting to come in as details emerge about the debt ceiling agreement reached by President Joe Biden and House Speaker Kevin McCarthy WASHINGTON -- The reviews are starting to come in as details emerge about the debt ceiling agreement reached by President Joe Biden and House Speaker Kevin McCarthy. Already, some lawmakers are criticizing the deal as not doing enough to tackle the nation's debt, while others worry it's too austere and will harm many low-income Americans. The legislation will probably need support from a significant number of lawmakers from both parties to clear the closely divided House and gain the 60 votes necessary to advance in the Senate. Many lawmakers say they are withholding judgment until they see the final details. A look at how the agreement is going over so far: EARLY CONCERNS Some of the earliest objections are coming from the most conservative members of Congress, particularly members of the hardline House Freedom Caucus that of...

Debt ceiling explained: Why it's a struggle in Washington and how the impasse could end

President Joe Biden and House Speaker Kevin McCarthy are to meet face to face on Monday after a weekend of on again, off again negotiations over raising the nation’s debt ceiling WASHINGTON -- President Joe Biden and House Speaker Kevin McCarthy will meet face to face Monday after a weekend of on again, off again negotiations over raising the nation's debt ceiling and mere days before the government could reach a “hard deadline” and run out of cash to pay its bills. The two sides are working to reach a budget compromise before June 1, when Treasury Secretary Janet Yellen has said the country could default. McCarthy and Republicans are insisting on spending cuts in exchange for raising the debt limit. Biden has come to the negotiating table after balking for months but says the GOP lawmakers will have to back off their “extreme positions.” On Sunday evening, negotiators met again and appeared to be narrowing on a 2024 budget year cap that could resolve the standoff. After speaking w...