With days to spare before a potential first-ever government default, President Joe Biden and House Speaker Kevin McCarthy on Sunday were finalizing a deal to raise the nation’s debt ceiling while trying to wrangle enough Republican and Democratic votes to pass the measure in the coming week.
The compromise announced late Saturday includes spending cuts but risks angering some lawmakers as they take a closer look at the concessions. McCarthy and Biden were expected to put the finishing touches on the agreement in a midafternoon call once the final legislative text was drafted.
The compromise announced late Saturday includes spending cuts but risks angering some lawmakers as they take a closer look at the concessions. McCarthy and Biden were expected to put the finishing touches on the agreement in a midafternoon call once the final legislative text was drafted.
Anxious retirees and others were already making contingency plans for missed checks, with the next Social Security payments due soon. Winning enough support to pass the deal, even with buy-in from the McCarthy, R-Calif., and the White House, remained a work in progress.
McCarthy and his negotiators tried to portray the deal as delivering for Republicans though it fell well short of the sweeping spending cuts they sought. Top White House officials were phoning Democratic lawmakers to try and shore up support.
Senior administration officials, including budget director Shalanda Young, National Economic Council Deputy Director Aviva Aron-Dine and John Podesta, the White House’s senior adviser on climate, planned a virtual briefing with House Democrats in the afternoon, according to a House Democratic aide. One of Biden’s chief negotiators, presidential counselor Steve Ricchetti, was making one-on-one calls to Democrats as the administration ramped up efforts to sell the deal.
McCarthy told reporters at the Capitol on Sunday that the agreement “doesn’t get everything everybody wanted,” but that was to be expected in a divided government. A White House statement issued after announcement of the agreement in principle, reached after Biden and McCarthy spoke by phone Saturday evening, said it “prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost.” |
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