“I strongly urge both chambers to approve this agreement. Let us continue to move forward (…) in building the strongest economy in the world,” said the U.S. president.
U.S. President Joe Biden confirmed on Sunday (28.05.2023) that he has reached a final agreement to raise the debt ceiling with the Republican leader in the House of Representatives, Kevin McCarthy, and that the text is ready to be voted on in Congress.
“The agreement represents a compromise and this means that nobody has everything they want, but that is the responsibility of governing,” the president said at a press conference, in which he called on both chambers to approve the rule that will prevent the United States from defaulting on its payments.
“I strongly urge both chambers to approve this agreement. Let’s continue to move forward in meeting our obligations and building the strongest economy in the world,” Biden said at the White House.
Although not many details of the agreement are known, the Democrat explained that it has been reached after making some concessions in the budget but that in no case has given “much”.
Thus, asked about the risk that progressive legislators think that too many concessions have been made, Biden replied: “You will see that I have not done so”.
The U.S. president said he believes that Republicans have negotiated “in good faith” and that he is convinced that McCarthy has enough support in his party to pass the bill. “If not, I don’t think we would have gotten the deal done,” he said.
Through a message on social networks Biden detailed that the agreement protects the priorities and achievements of his administration, rejects “extreme cuts” in programs for veterans, seniors and vulnerable families; protects Social Security and its Medicare and Medicaid programs and maintains the program for student debt relief for 40 million people.
Lawmakers and senators will now have a few days to read the bill, which will be voted on first in the House of Representatives next Wednesday, five days before the date announced by Treasury Secretary Janet Yellen as the deadline to enter default.