Debt limit awaits Congress approval

It’s a deal no one in Washington claims to really like. But after weeks of negotiations, President Joe Biden and House Speaker Kevin McCarthy have struck an agreement to raise the debt ceiling and avert a potentially devastating government default. The stakes are high for both men — and now each will have to persuade lawmakers in their parties to vote for it. Biden, in an exchange with reporters on Monday, said he felt good about where things stood, but acknowledged that he wasn't sure if all Democrats on the left will get on board. Biden called on the liberal wing of his party to hear him out. “Talk to me,” he said. Some progressives have balked at the inclusion of new work requirements in two government assistance programs as well as spending caps. Treasury Secretary Janet Yellen said last week that the United States could run out of cash to pay the bills and default on its obligations if the debt ceiling is not raised by June 5. The ultimate agreement, hammered out by Biden, McCarthy and a small group of their deputies, is a two-year budget deal that would essentially hold spending flat for 2024, while boosting it for defense and veterans, and capping increases at 1% for 2025. It would suspend the debt limit until January 2025, after the next presidential election. Republicans had insisted on reducing spending and had passed their own bill with much larger cuts last month. READ MORE: https://www.wcnc.com/article/news/nation-world/debt-ceiling-takeaways-bidens-invite-to-liberal-skeptics-mccarthys-balancing-act/507-cbe7afbb-2fc5-408c-83f2-a0a0048653e0