Leader of the Republican majority of the House of Representatives, Kevin McCarthystated this Saturday agreement with the government Joe Biden “closed” to raise debt ceilingbecause the negotiations have advanced significantly in the last hours.
“I feel closer than ever to a deal,” the Republican told the media this Saturday morning when he arrived at the US Capitol, where the negotiations were taking place.
Despite deal “not yet” And There are “some things” still to be done, He said he believes the deadline will be reached by June 5th.
In fact, even this Saturday could be explained, though when it’s accomplished The 72-hour rule, which gives legislators three days to read the text before voting, will have to be followed.. Therefore, even if an agreement is reached today, it will not be voted on until next Tuesday, McCarthy said.
These optimistic words line up with those uttered by President Joe Biden on Friday night. I feel “very optimistic” about the possibility of achieving A deal with the Republicans to raise the debt ceiling.
“Things are looking good, I’m very optimistic,” the president said before flying to Camp David, the US president’s resting residence.
These comments are the first of Treasury Secretary Janet Yellen’s comments after she updated her estimate of the deadline when the country could default if Congress did not agree to raise or suspend the debt ceiling first.
Yellen told Congress this Friday what the date will be. June 5thfour days after his earlier predictions.
possible deal Raise the debt ceiling for two years and it would impose maximum limits on discretionary government spending, as recently published by media such as The New York Times.
The debt limit is the total amount of money the United States Government is authorized to borrow to meet its current legal obligations to pay Social Security and Medicare benefits, military salaries, interest on the national debt, tax returns, and other payments.
From time to time, the United States faces default because, unlike other countries, the government can only lend up to the limit set by Congress, and Congress has the power to raise this ceiling as it sees fit.
The country reached its legal debt limit on January 19, $31.4 trillion (in the millions or trillions of English), equivalent to 29 trillion euros, which has since caused the Treasury Department to resort to extraordinary measures to pay the bills, suspend some payments to federal employee pension funds and postal workers’ social security, among others.
Use of these special financial instruments may be extended until June 5, at which time the United States goes to suspension of paymentsIf Republicans and Democrats don’t come to an agreement.