US President Joe Biden has confirmed that an agreement with Congress to prevent a catastrophic default in the country has been reached, it now remains for the negotiating groups to finalize the project until the end.
“Earlier tonight, President McCarthy and I reached a tentative budget agreement… This agreement is good news for the American people because it avoids what could be a catastrophic default and lead to an economic recession with savings from pensions exhausted and millions of workers lost. seats,” stems from the statement of the 46th President of the United States.
Biden added that on Sunday the negotiating teams will finalize the text of the bill all the way, then send it to the House and Senate for approval. The US president “strongly” urged both chambers to pass the deal immediately.
According to Joe Biden, the deal involves cutting costs, while protecting “essential programs for workers and ensuring economic growth for all.”
According to CNN, the agreements between Congress and the White House involve raising the national debt ceiling for two years in exchange for cutting federal spending in 2024 to current fiscal year levels and increasing it by 1%. in fiscal year 2025. At the same time, there are no restrictions on defense spending.
Earlier, Republican Kevin McCarthy announced that an “agreement in principle” had been reached. He noted that due to Joe Biden refusing negotiations for months, time was wasted.
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