US President Joe Biden on Sunday finalized a budget agreement with House Speaker Kevin McCarthy to suspend the $31.4 trillion debt ceiling until Jan. 1, 2025, and said the deal was ready to move to Congress for a vote.
“This is a deal that’s good news for … the American people,” Biden told reporters at the White House after a call with McCarthy to put the final touches to a tentative deal they struck on Saturday night.
It still needs to pass through a narrowly divided Congress before June 5, when the US Treasury says it would run short of money to cover all of its obligations. McCarthy earlier on Sunday predicted he would have the support of a majority of his fellow Republicans, and House Democratic leader Hakeem Jeffries said he expected Democratic support.
Senate Republican Leader Mitch McConnell applauded the agreement and called on the Senate to act swiftly to pass it without unnecessary delay once it has gone through the House. “This is a good strong bill that a majority of Republicans will vote for,” the California Republican told reporters in the US Capitol. “You’re going to have Republicans and Democrats be able to move this to the president.”To win the speaker’s gavel, McCarthy agreed to enable any single House member to call for a vote to unseat him, potentially making him vulnerable to ouster by disgruntled Republicans.
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