It was probably a matter of when, not if, regarding raising the debt ceiling, and the agreement finally happened as lawmakers reached a last-minute compromise. Now it’s time to sift through the details to see what made the difference.
House Speaker Kevin McCarthy told Fox that Republicans he heard from were happy about the agreement because they were able to lock down some spending cuts in the deal. What made it more meaningful to McCarthy was that Joe Biden said he would not negotiate on those points. McCarthy said it’s time to celebrate the small victories.
“Maybe it doesn’t do everything for everyone, but this is a step in the right direction that no one thought that we would be able to today. I’ll debate this bill with anybody. Is it everything I wanted? No, because we don’t control all of it. But it is the biggest rescission in history. It is the biggest cut Congress has ever voted for in that process.”
Treasury Secretary Janet Yellen has warned that June 5 was the day of no turning back. Without a new deal in place by then, the U.S. would default on financial obligations.
Doesn’t it seem like we deal with this in this country at least once or twice a year?
It seems obvious that something more long-term has to be done about the massive debt we’re buried under as a country. Which is essentially what Mccarthy told reporters Saturday night.
“We still have a lot of work to do, but I believe this is an agreement in principle that is worthy of the American people. It has historic reductions in spending, consequential reforms that will lift people out of poverty into the workforce, [and] rein in government overreach. There are no new taxes, no new government programs…”