Debt ceiling deal will be ‘transformational’ for Americans, McCarthy says

U.S. President Joe Biden holds debt limit talks with U.S. House of Representatives Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, U.S., May 22, 2023. REUTERS / Leah Millis

Lea Millis | Reuters

Home Speakers Kevin McCarthy said Sunday that tentative agreement House Republicans have reached with the White House to resolve the nation’s debt ceiling that will be “transformative” for the American public.

McCarthy told reporters that negotiators worked through the night to finalize the details of the deal and that they had managed to keep the bill about 150 pages long to make it easy for members of Congress and the public to understand. than. Chairperson Joe Biden and McCarthy are scheduled to speak at 2 p.m. ET Sunday to ensure both sides agree on the bill’s language, McCarthy said.

“We know any time when you’re sitting and negotiating in a two-way round, you have to work with both sides,” McCarthy said. “So it’s not 100% for what people want, but when you look, the country is stronger.”

Once the deal is finalized, it needs to be approved by Congress and signed by Biden to avoid a catastrophic default on the sovereign debt of the United States. Finance Minister Janet Yellen warned that failure to raise the debt ceiling in early June could lead to “economic turmoil.”

McCarthy said Sunday that he thinks Republicans will support the bill, and assuming Biden approves it, he hopes Democrats will, too. McCarthy also praised Biden and his staff for how they behaved during the intense negotiations.

“I think his team is very professional, very smart, and at the same time very tough,” he said.

Some Republicans in the House, like Representative Chip Roy of Texas, criticized the agreement on social networks. Roy wrote in a tweet Sunday that he will “try” to prevent the bill from passing in the House of Commons.

McCarthy on Sunday encouraged members of Congress to read the bill as it is released before taking a stance.

“Let the members actually read the bill before they make the decision to proceed,” he said.


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