Biden set to sign debt ceiling bill that averts prospect of unprecedented federal default -
is expected to sign legislation on Saturday to raise the debt ceiling, dodging Monday’s deadline when the Treasury warned that the United States would start running short of cash to pay all its bills.on Thursday, averts the potential of an unprecedented government default that would have rocked the U.S. and global economies. Raising the nation’s debt limit, now at $31.4 trillion, will ensure that the government can borrow to pay debts already incurred.said from the Oval Office on Friday evening.
“We’re cutting spending and bringing deficits down at the same time,” Biden said. “We’re protecting important priorities from Social Security to Medicare to Medicaid to veterans to our transformational investments in infrastructure and clean energy.”also drew contrasts with the opposing party, particularly when it comes to raising taxes on the wealthy, something the Democratic president has sought.“I’m going to be coming back,” he said. “With your help, I’m going to win.
The Congressional Budget Office estimates it could actually expand total eligibility for federal food assistance, with the elimination of work requirements for veterans, homeless people and young people leaving foster care. The agreement imposes an automatic overall 1% cut to spending programs if Congress fails to approve its annual spending bills - a measure designed to pressure lawmakers of both parties to reach consensus before the end of the fiscal year in September.
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