It’s a deal no one in Washington claims to really like. But after weeks of negotiations, President Joe Biden and House Speaker Kevin McCarthy have struck an agreement to raise the debt ceiling and avert a potentially devastating government default.
President Joe Biden speaks in the Roosevelt Room of the White House, Sunday, May 28, 2023, in Washington. Biden and House Speaker Kevin McCarthy reached a final agreement Sunday on a deal to raise the nation's debt ceiling while trying to ensure enough Republican and Democratic votes to pass the measure in the coming week. – It’s a deal no one in Washington claims to really like.
Known more for strategy than policy, McCarthy has had a challenge that seemed almost insurmountable, with a narrow majority and a sizable group of hard-right conservatives certain to oppose anything he negotiated with Biden. And he could still find himself in the middle of a crisis if too many in his caucus revolt when the House votes on the package this week., projecting confidence about the bill and its success.
It’s not where Biden, a veteran of the nasty 2011 debt-limit battle that saw the nation’s credit rating downgraded for the first time in history, wanted to be. But it was a likely scenario — with a Republican-controlled House that had made it clear from the start that it would not raise the borrowing authority under a Democratic president without extracting spending curbs or other policy concessions.
But the deal won early praise from another key Democratic group. The New Democrat Coalition, which has roughly 100 members, praised Biden as having negotiated “a viable, bipartisan solution to end this crisis.”Republicans were able to win some policy changes they have sought for years, however modest, including on food aid. The bill would raise the age limit for existing work requirements in the Supplemental Nutrition Assistance Program, also known as food stamps.
Republicans had hoped for a much broader permitting package that would make it easier to build and develop energy projects. But Louisiana Rep. Garret Graves, a McCarthy ally who was one of the negotiators, said the bill brings “transformational changes into the permitting and environmental review process” for the first time in four decades.McCarthy has said the House will vote on the package Wednesday.
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