President Joe Biden and House Speaker Kevin McCarthy reached final agreement Sunday on a deal to raise the nation's debt ceiling.
The US Capitol building in Washington, DC, US, on Tuesday, May 23, 2023. Debt-limit negotiators will meet this morning in Washington as President Joe Biden and House Speaker Kevin McCarthy remained without an agreement to avert a catastrophic US default with time running short.
McCarthy, too, was confident in remarks at the Capitol: "At the end of the day, people can look together to be able to pass this." McCarthy and his negotiators portrayed the deal as delivering for Republicans though it fell well short of the sweeping spending cuts they sought. Top White House officials were briefing Democratic lawmakers and phoning some directly to try to shore up support.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.
With the outlines of an agreement in place, the legislative package could be drafted and shared with lawmakers in time for House votes as soon as Wednesday, and later in the coming week in the Senate. It halts some funds to hire new Internal Revenue Service agents as Republicans demanded, and rescinds some $30 billion for coronavirus relief, keeping $5 billion for developing the next generation of COVID-19 vaccines.
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