President Biden and House Speaker Kevin McCarthy reached an “agreement in principle' on Saturday night avoiding a potential U.S. default.
PIMCO managing director and head of public policy Libby Cantrill discusses ongoing debt talks which she predicts will last until the ‘eleventh hour.’
Concessions were made with negotiators agreeing to some Republican demands for increased work requirements for recipients of food stamps, This had upset House Democrats. President Joe Biden and House Speaker Kevin McCarthy have reached an"agreement in principle" to resolve the looming debt crisis.and two-year debt limit increase.Non-defense spending will be roughly flat with current levels in 2024 when factoring in agreed upon appropriations adjustments. Changes to SNAP that reduces work requirements for veterans, people who are homeless, others, while increasing age for work requirements from 49 to 54.U.S. Speaker of the House Rep.
"We still have a lot of work to do. But I believe this is an agreement in principle that's worthy of the American people. It has historic reductions in spending, consequential reforms that will lift people out of poverty into the workforce, rein in government overreach. There are no new taxes, no new government programs. There's a lot more within the bill," McCarthy said.
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Biden and GOP reach tentative deal to raise debt ceiling and avoid calamitous US defaultWith the outline of an agreement, a legislative package can be drafted in time for votes in Congress next week, ahead of a projected June 5 federal default. Negotiators agreed to some Republican demands for enhanced work requirements on recipients of food stamps.
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