Law Firm News
Today's Date: Bookmark This Website
Biden and McCarthy reach a final deal and now must sell it to Congress
Blog News | 2023/05/29 17:17
With days to spare before a potential first-ever government default, President Joe Biden and House Speaker Kevin McCarthy reached final agreement Sunday on a deal to raise the nation’s debt ceiling and worked to ensure enough support in Congress to pass the measure in the coming week.

The Democratic president and Republican speaker spoke late in the day as negotiators rushed to draft and post the bill text for review, with compromises that neither the hard-right or left flank is likely to support. Instead, the leaders are working to gather backing from the political middle as Congress hurries toward votes before a June 5 deadline to avert a damaging federal default.

“Good news,” Biden declared Sunday evening at the White House.

“The agreement prevents the worst possible crisis, a default, for the first time in our nation’s history,” he said. “Takes the threat of a catastrophic default off the table.”

The president urged both parties in Congress to come together for swift passage. “The speaker and I made clear from the start that the only way forward was a bipartisan agreement,” he said.

The final product includes spending cuts but risks angering some lawmakers as they take a closer look at the concessions. Biden told reporters at the White House upon his return from Delaware that he was confident the plan will make it to his desk.

McCarthy, too, was confident in remarks at the Capitol: “At the end of the day, people can look together to be able to pass this.”

The days ahead will determine whether Washington is again able to narrowly avoid a default on U.S. debt, as it has done many times before, or whether the global economy enters a potential crisis.

In the United States, a default could cause financial markets to freeze up and spark an international financial crisis. Analysts say millions of jobs would vanish, borrowing and unemployment rates would jump, and a stock-market plunge could erase trillions of dollars in household wealth. It would all but shatter the $24 trillion market for Treasury debt.

Anxious retirees and others were already making contingency plans for missed checks, with the next Social Security payments due soon as the world watches American leadership at stake.

McCarthy and his negotiators portrayed the deal as delivering for Republicans though it fell well short of the sweeping spending cuts they sought. Top White House officials were briefing Democratic lawmakers and phoning some directly to try to shore up support.

One surprise was a provision important to influential Sen. Joe Manchin, D-W.Va., giving congressional backing for the controversial Mountain Valley Pipeline, a natural gas project, that is certain to raise questions.


[PREV] [1] ..[73][74][75][76][77][78][79][80][81].. [2468] [NEXT]
All
Legal Network
Law Firm News
Court Issues
Court Watch
Legal Interview
Topics
Blog News
Press Release
Legal Opinions
Former Georgia insurance com..
Alabama woman who faked kidn..
A Supreme Court ruling in a ..
Court upholds mandatory pris..
Trump wants N.Y. hush money ..
Supreme Court restores Trump..
Supreme Court casts doubt on..
Donald Trump appeals $454 mi..
Alabama hospital pauses IVF ..
Ken Paxton petitions to stop..
Attorney Jenna Ellis pleads ..
Trump arrives in federal cou..
Why Trump's bid for presiden..
Samsung chief is acquitted o..
UN court rejects most of Ukr..


   Lawyer & Law Firm Websites
Indianapolis Personal Injury Law Firm
Indiana, IN Personal Injury Attorneys
www.williamspiatt.com
Surry County Criminal Defense Lawyers
Yadkin County Family Law Attorneys
www.dirussolaw.com
Oregon DUI Law Attorney
Eugene DUI Lawyer. Criminal Defense Law
www.mjmlawoffice.com
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Chicago Work Accident Lawyer
Chicago Workplace Injury Attorneys
www.krol-law.com
San Bernardino Criminal Defense Attorneys
DUI Lawyer
www.bullardpowell.com
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
   Legal Resource Links
  U.S. Legal News
 
 
© Law Firm News Network. All rights reserved.

The content contained on the web site has been prepared by Law Firm News Network as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. Legal Blog postings and hosted comments are available for general educational purposes only and should not be used to assess a specific legal situation. Affordable Law Firm Website Design