– After weeks of negotiations, we reached an agreement on principles. We still have a lot of work to do. The House Republican Leader, Kevin McCarthy, said the agreement includes historically significant cost cuts, when he met with the press last night Norway time.
He did not give many details, but said that the two parties agreed on several important reforms, without imposing new taxes.
Thus, the United States is one step closer to avoiding the debt crisis from June 5th.
According to Reuters, the agreement will now be presented to the party organization in the Republican Party.
BIDEN: – Settlement
US President Joe Biden describes the agreement he made with Kevin McCarthy in principle as a compromise that prevents a catastrophic default on the national debt.
The agreement represents a compromise, which means that not everyone gets what they want. Biden signs that this is the responsibility of the referee Twitter.
—and the agreement is good news for the American people, as it prevents what could have been disastrous, he writes.
Biden says negotiators will finalize the text of the agreement over the next day, and it will then be voted on politically.
“I strongly encourage the House and Senate to adopt the Agreement immediately,” writes the President.
US President Joe Biden said that agreement in principle on the US debt ceiling is a compromise.
Photo: Susan Walsh/The Associated Press
Phone call
President Joe Biden and House Majority Leader Kevin McCarthy spoke by phone for 90 minutes Saturday night to hammer out the final details of a deal to raise the US debt ceiling, which has been in the process of negotiating over the past week.
House Republican Leader Kevin McCarthy
Photo: KEVIN DIETSCH/AFP
Biden also spoke on Saturday with House Democratic Leader Hakeem Jefferies and Senate Democratic Leader Chuck Schumer, according to the source.
The phone call between Biden and McCarthy took place Saturday night, local time.
23 oil boxes
On Friday, the deadline for a debt ceiling deal was pushed back by four days to June 5. Treasury Secretary Janet Yellen then warned that the United States could default on its huge national debt, which could have ripple effects globally.
The current debt ceiling is $31.400 billion, which is approximately NOK 336,435 billion at today’s exchange rate. This corresponds to approximately 23 Norwegian oil funds.
Any agreement Biden and McCarthy reach must be voted on in the House and Senate. Republicans have the majority in the former, while the Democrats have the majority in the latter.
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