(FamilyConservationPAC.com) – President Joe Biden and House Speaker Kevin McCarthy (R-CA) have agreed to raise the debt ceiling.
After difficult discussions, a “tentative” compromise has been reached that raises the debt ceiling for roughly the next two years in exchange for specific Republican-requested spending cuts and other concessions.
Although they still need to spend the evening working out the specifics, McCarthy stated at a brief press conference that he feels the agreement is “worthy of the American people.” The text of the measure was released over the weekend.
“It includes historically low budget cuts, significant reforms that will help people into the labor and escape poverty, and restrains government overreach. No additional levies or government initiatives have been introduced,” according to McCarthy.
LIVE on MSNBC: House Speaker Kevin McCarthy holds a press conference to discuss the tentative deal he reached with President Biden over the debt ceiling.https://t.co/RdYLvfum24 pic.twitter.com/zRXgIpdK8k
— MSNBC (@MSNBC) May 28, 2023
According to McCarthy, who is abiding with House norms by giving lawmakers a full three days to analyze the text, he stated that he anticipates Congress members, most of whom have already departed for the Memorial Day weekend and recess, will return to Washington on Wednesday to vote on the bill package.
A source familiar with the preparations, McCarthy spoke soon before a call with Republican members, during which he was due to advise them on the elements of the bill package.
The agreement between McCarthy and the president was reached one day after Treasury Secretary Janet Yellen warned that if the debt limit weren’t raised before June 5, the United States wouldn’t have enough money to pay all of its debts.
In exchange for significant spending cutbacks that would save an estimated $4.8 trillion over the following ten years, McCarthy led House Republicans to adopt a deal in April to increase the debt ceiling into the next year.
Expanding work requirements for welfare beneficiaries, recovering funds allotted to COVID that were not used, allowing changes, thwarting Biden’s student debt rescue, and other provisions were all included in the law.
While increasing the debt ceiling more than the House GOP’s original proposal, this new agreement is anticipated to keep some of the planned expenditure cuts.
If passed, it would be a major victory for House Republicans, who have been unable to leverage the debt ceiling for any significant concessions for more than ten years due to negotiations with a Democrat president and a Democrat-controlled Senate.
Rep. Marjorie Taylor Greene (R-GA) spoke out in favor of the agreement on Saturday night, praising it for canceling COVID funding that, in her opinion, would have otherwise benefited foreign countries, including adversaries like China.
Republicans did our job. We cut spending by $4.8 trillion to raise Joe Biden’s debt ceiling.
Joe Biden’s plan is to raise taxes on every American in order to raise the debt ceiling.
We don’t have a revenue problem in Washington, we have a spending problem. pic.twitter.com/vhvNAibuUo
— Rep. Marjorie Taylor Greene?? (@RepMTG) May 25, 2023
But some Republicans, particularly those in the House Freedom Caucus, have already opposed the agreement.
Given that the Republicans have a slim majority and can only afford a few Republicans to defect before a bill fails, McCarthy will probably need to rely on some Democratic votes.
For his part, Biden has been under pressure to persuade senators and representatives from his party to support him on the issue after he and Democratic leaders for months refused to consider anything more than a straightforward debt ceiling increase.
In a statement Saturday night, the president set the tone for expectations by stating that while the “agreement protects my and Congressional Democrats’ key priorities and legislative accomplishments,” it is still a “compromise,” meaning “not everyone gets what they want.”
Earlier this evening, Speaker McCarthy and I reached a budget agreement in principle.
It is an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone. And, the agreement protects my and…
— President Biden (@POTUS) May 28, 2023
According to a memo sent by the Republican House Conference and acquired by Breitbart News, the agreement calls for restoring non-defense discretionary spending to levels seen in the fiscal year 2022 and capping spending growth at 1% for the next six years.
The document also eliminates cash designated for additional IRS agents and $400 million from a COVID-related “Global Health Fund.” It proposes a “significant reform” to the National Environmental Policy Act.
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