{"id":14906,"date":"2023-05-28T10:48:35","date_gmt":"2023-05-28T14:48:35","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/debt-ceiling-deal-reached-now-congress-has-to-pass-it\/"},"modified":"2023-05-28T10:48:36","modified_gmt":"2023-05-28T14:48:36","slug":"debt-ceiling-deal-reached-now-congress-has-to-pass-it","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14906","title":{"rendered":"Debt Ceiling Deal Reached. Now Congress Has to Pass It."},"content":{"rendered":"
\n

The White House and Republican negotiators reached a tentative deal late Saturday on a plan to raise the U.S. debt ceiling to avoid a default.<\/p>\n

The framework of the agreement raises the nation\u2019s debt ceiling for two years \u2014 past the 2024 general election \u2014 and includes new federal spending limits.<\/p>\n

\n

President Joe Biden and House Speaker Kevin McCarthy (R., Calif.) announced the deal late Saturday after a 90-minute phone call. The agreement needs to wind its way through Congress, where lawmakers on both sides of the aisle have criticized it.<\/p>\n

Biden called it an \u201cimportant step forward\u201d in a statement on Saturday. \u201cThe agreement respresents a compromise, which means not everyone gets what they want,\u201d he said.<\/p>\n

McCarthy this morning expressed confidence the bill would pass, pushing back at reporters\u2019 questions about criticism from conservative House Republicans.<\/p>\n

Members of the Freedom Caucus have complained online about the proposal. Rep. Ken Buck (R., Colo.) said he is \u201cappalled\u201d by what he calls the \u201cdebt ceiling surrender.\u201d Fellow Colorado Republican Rep. Lauren Boebert said in a tweet she was a \u201cno\u201d vote on the deal. \u201cOur voters deserve better than this,\u201d she said.<\/p>\n

The deal was announced within days of the so-called \u201cX-date,\u201d when Treasury Secretary Janet Yellen had warned Congress that the U.S. government was projected to run out of extraordinary maneuvers to keep paying all of its bills. The federal government officially reached its $31.4 trillion federal borrowing limit in late January.<\/p>\n

On Friday, Yellen said that date was June 5, a few days later than her original June 1 estimate.<\/p>\n

In the days leading up to the agreement, negotiators appeared to be approaching consensus in a few areas: Recovering millions in unspent Covid-19 relief funds, reforming energy permitting, and imposing stricter work requirements on recipients of some social welfare programs.<\/p>\n

This is a developing news story. Check back here for details.<\/em><\/p>\n

Write to Janet H. Cho at janet.cho@dowjones.com and to Liz Moyer at liz.moyer@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The White House and Republican negotiators reached a tentative deal late Saturday on a plan to raise the U.S. debt ceiling to avoid a default. The framework of the agreement raises the nation\u2019s debt ceiling for two years \u2014 past the 2024 general election \u2014 and includes new federal spending limits. President Joe Biden and […]<\/p>\n","protected":false},"author":1,"featured_media":12327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-14906","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nDebt Ceiling Deal Reached. 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