Biden, McCarthy reach final agreement on debt limit deal

Biden went on to acknowledge that the agreement "represents a compromise" with House Republicans, who control the lower chamber.

Speaking to CBS News' "Face the Nation" on Sunday, Minority Leader Hakeem Jeffries, D-N.Y., predicted that the bill will pass, but would not commit to how many Democrats would support the bill. "It has historic reductions in spending, consequential reforms that will lift people out of poverty into the workforce, rein in government overreach," McCarthy said Saturday night. "There are no new taxes, no new government programs."

It also codifies an end to the pause on student loan repayments -- which, per the memo, Biden was planning to do on Sept. 1 -- and makes reforms to the National Environmental Policy Act in an effort to streamline some energy and infrastructure projects., the bill claws back tens of billions of dollars in unspent COVID-19 relief funds, as well as some funding directed to the IRS.

"This agreement is good news for the American people, because it prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost," Biden added, before urging both chambers of Congress "to pass the agreement right away."

"The agreement prevents the worst possible crisis and default for the first time in our nation's history," Biden said. "An economic recession, retirement accounts devastated millions of jobs lost.

The two sides had also reached for an ambitious overhaul of federal permitting to ease development of energy projects. Instead, the agreement would put in place changes in the landmark 1970s’ National Environmental Policy Act that will designate “a single lead agency” to develop environmental reviews, in hopes of streamlining the process.

McCarthy commands only a slim Republican majority in the House, powered by hard-right conservatives who may resist any deal as insufficient as they try to slash spending. But compromising with Democrats for votes, he risks losing support from his own rank-and-file, setting up a career-challenging moment for the new speaker.

Source: Loan Digest (loandigest.net)

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