Any deal in principle between President Biden and top congressional Republican Kevin McCarthy will be the start of what could easily be a week-long process of shepherding legislation through the narrowly and bitterly divided Congress.
U.S. House Speaker Kevin McCarthy speaks with reporters as he arrives for the day in the midst of ongoing negotiations seeking a deal to raise the United States' debt ceiling and avoid a catastrophic default, at the U.S. Capitol in Washington, U.S. May 26, 2023. REUTERS/Jonathan Ernst
And any deal in principle between Democratic President Joe Biden and top congressional Republican Kevin McCarthy will be the start of what could easily be a week-long process of shepherding legislation through the narrowly and bitterly divided Congress. Republicans have sought to sharply curb government spending over the coming 10 years in order to slow the growth of the U.S. debt, which is now equal to the annual output of the economy.The two sides have tentatively reached an agreement that would raise the debt ceiling by enough to cover the country's borrowing needs through the November 2024 presidential election., according to sources familiar with the talks.
Both programs expanded dramatically during the COVID-19 pandemic but have been scaled back in recent months.
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