US President Joe Biden said a final agreement to raise the national debt ceiling is ready to be submitted to Congress for a vote — AP write about it.
«This is good news for the American people,» Biden told reporters at the White House after a phone call with Congressional Republican Speaker Kevin McCarthy.
«It takes the threat of a catastrophic default off the agenda, protecting our hard-earned and historic economic recovery,» Biden added.
The agreement, if approved, will prevent the US government from defaulting on its debt obligations and will come after weeks of heated negotiations between Biden and Republicans in the House of Representatives.
It still has to get through Congress, where there is considerable disagreement, by June 5, the agency recalls.
«I urge both houses to pass this agreement,» the US president said, adding that he expected McCarthy to have the necessary votes to pass the agreement.
The agreement has drawn criticism from tough Republicans and progressive Democrats, but Biden and McCarthy are counting on enough votes from both sides.
Earlier Sunday, McCarthy predicted he would have the support of a majority of his fellow Republicans, and House Democratic leader Hakim Jeffreys said he expected Democratic support.
The agreement suspends the debt limit until January 1, 2025, caps spending in the 2024 and 2025 budgets, returns unused COVID funds, speeds up the approval process for some energy projects, and includes additional requirements for food aid programs for poor Americans.
The 99-page bill allocates more than $886 billion for security in fiscal year 2024 and more than $703 billion for non-security spending in the same year, without some adjustments. It also provides for a 1% increase in security spending in fiscal year 2025.
Senate Republican Leader Mitch McConnell welcomed the agreement and urged the Senate to act quickly to pass it without undue delay after it passes the House of Representatives.
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