According to the news of CNN, citing an anonymous source, agreements on public debt between US President Joe Biden and Speaker of the House of Representatives Kevin McCarthy will delay the default until 2025.
The agreement raises the debt cap for two years in principle and limits non-defense spending to 2024 around the current fiscal year and increases it by 1% in fiscal 2025.
Earlier, US President Joe Biden confirmed acceptance On avoiding default with Congress, and especially with the negotiation team of Speaker of the House of Representatives Kevin McCarthy.
Kevin McCarthy, Republican Speaker of the House of Representatives approvedAn agreement in principle on the country’s public debt has reportedly been reached between the White House and Republican congressmen.