On Sunday, House Speaker Kevin McCarthy told the tentative deal House Republicans have met with the White House to raise the nation’s debt ceiling will be “transformational” for the American people.
McCarthy told reporters that negotiators toiled throughout the night to finalize the specifics of the deal and said they aimed to keep it under 150 pages to make it simpler to comprehend for members of Congress and the public. President Joe Biden and McCarthy are set to meet at 2 p.m. ET Sunday to ensure that all sides agree on the bill’s content, according to McCarthy.
McCarthy said, “We know at any time when you sit and negotiate within two parties that you got to work with both sides of the aisle. So it’s not 100% for what everybody wants, but when you look, the country is going to be stronger.”
After the bill is finalized, it needs to pass through Congress and get President Biden’s signature in order to prevent a disastrous default on U.S. sovereign debt. Treasury Secretary Janet Yellen indicated that a failure to raise the debt ceiling by early June might lead to “economic chaos.”
McCarthy stated on Sunday that he anticipates both Democratic and Republican support for the legislation, providing Biden agrees to it. McCarthy appreciated Biden as well as his team’s behavior during the stressful discussions.
“I thought his team was very professional, very smart, very tough at the same time,” he said.
Senate Majority Leader Chuck Schumer, D-N.Y., called Democratic senators to a conference call with Biden’s negotiation team on Sunday at 6:30 p.m. ET to go through the contents of the accord. In advance of the Treasury’s June deadline, he advised senators to be prepared for possible Friday or weekend votes the following week.
“I salute President Biden for protecting the American economy and delivering for American families by taking the threat of default off the table,” Schumer stated.
Some House Republicans, such as Texas Rep. Chip Roy, have been outspoken critics of the agreement on social media. In a tweet on Sunday, Roy stated that he is “going to try” to prevent the measure from passing in the House.
McCarthy on Sunday urged Congress members to go through the bill after its release prior to taking a position.
“Let’s let the members actually read the bill before they make a decision to go forward,” he mentioned.
