Debt Ceiling Deal Reached “In Principle” To Avoid Default
The tentative agreement between the two parties would raise the debt limit for two years while limiting spending over that time. However, the deal still needs approval from a divided congress next week before the US government runs out of money to pay its debt on June 5. advertisement Joe Biden calls debt ceiling agreement a “compromise” US President Joe Biden described the tentative agreement as a “compromise”, while House Speaker Kevin McCarthy said it “has historic reductions in spending.” “The agreement represents a compromise, which means not everyone gets what they want,” Biden said in a statement late on Saturday. “That’s the responsibility of governing,” he added. Biden called the Debt Ceiling agreement “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, ...