House Speaker Kevin McCarthy and Joe Biden on Sunday reached a final agreement on the debt limit to avert a government default.
Congress must now approve of the final bill before the June 5 deadline.
“With days to spare before a potential first-ever government default, President Joe Biden and House Speaker Kevin McCarthy reached final agreement on a deal to raise the nation’s debt ceiling, according to a person familiar with the situation.” the AP reported.
BREAKING: With days to spare before a potential first-ever government default, President Joe Biden and House Speaker Kevin McCarthy reached final agreement on a deal to raise the nation’s debt ceiling, according to a person familiar with the situation. https://t.co/xD1TndAUqD
— The Associated Press (@AP) May 28, 2023
On Saturday, McCarthy announced an “agreement in principle” with Joe Biden on a deal to raise the federal debt ceiling.
McCarthy posted to Twitter, “I just got off the phone with the president a bit ago. After he wasted time and refused to negotiate for months, we’ve come to an agreement in principle that is worthy of the American people.”
A vote in the House is expected Thursday, according to Majority Leader Steve Scalise (R-LA).
Now, the deal includes keeping a portion of the $80 billion increase in IRS funding and the 87,000 additional agents tasked with going after middle-class families.
Only $1.9 billion of the $80 billion to fund 87,000 IRS agents were removed from the budget.
“Of the $80 billion Democrats appropriated to the IRS over ten years, the “deal” rescinds $1.9 billion. You read that right. That’s the kind of “get” that’s so good McCarthy agreed to increase the debt ceiling $4 trillion,” said Rep. Dan Bishop (R-NC).
McCarthy earlier Sunday defended offering a higher debt ceiling in exchange for increased government spending.
“We let government grow, but at a slower rate,” McCarthy said on Fox News Sunday with Shannon Bream.
WATCH:
.@SpeakerMcCarthy defends offering a higher debt ceiling in exchange for increased govt spending: “We let government grow, but at a slower rate” pic.twitter.com/ZErpivTNhY
— Tom Elliott (@tomselliott) May 28, 2023
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