Breaking news just in, Speaker of the House, Kevin McCarthy, has announced that there has been an “agreement in principle” between himself and Joe Biden to raise the federal debt ceiling. McCarthy made the announcement on Twitter stating, “after he wasted time and refused to negotiate for months, we’ve come to an agreement in principle that is worthy of the American people.” The vote will come this Thursday and it appears that Republicans will get their way.
The deal has momentous reductions in government spending, consequential reforms that will elevate people out of poverty into the workforce, and initiatives that will control government oversight. Additionally, there are no new taxes or programs, and this bill will undoubtedly benefit the American people.
McCarthy stated, “there’s a lot more within this bill; we still have more work to do tonight to finish all the writing of it.” This is in accordance with his pre-determined 72 hour rule meaning that a date for a vote on the House will be made no earlier than Thursday. Treasury Secretary Janet Yellen had given the deadline of June 5th giving Republicans the time to negotiate and make sure the bill really does benefit the American people.
So what is next? Legislation will have to be written, members of Congress will have three days to read the bill before voting, and if it passes the House, the Senate will have to vote on it. All of this needs to happen before June 5th, so the clock is ticking!
According to the Punchbowl News reporters, who were present during McCarthy’s conference call with House Republicans, the details of the agreement include a two-year appropriations agreement and no budget caps after 2025. Furthermore, work requirements will not change Medicaid, phases will be in effect and then sunsets in 2030, and SNAP time limits will be given to people up to the age of 54. The White House was pushing to reduce the number of people subject to time limits. Democrats seem to be content with the agreement as it will keep non-defense spending at around 2023 levels and there will be no budget caps after 2025.
McCarthy reportedly spoke to Biden twice today, with the agreement finally being reached this evening. Scalise has stated that members should plan to be back by Tuesday ahead of the Thursday vote.
This is breaking news and we will keep you informed with any further updates. The American people can breathe a sigh of relief as Republicans aim to deliver policies that will benefit everyone.
