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President and House speaker reach deal to raise debt ceiling
By Jim Tankersley, Catie Edmondson, and Luke Broadwater
The New York Times
Saturday, May 27, 2023
President Biden and House Speaker Kevin McCarthy tonight reached an agreement in principle to raise the debt limit for two years while cutting and capping some government spending over the same period, a breakthrough after a marathon set of crisis talks that has brought the nation within days of its first default in history.
Congressional passage of the plan before June 5, when the Treasury is projected to exhaust its ability to pay its obligations, is not assured, particularly in the House, which plans to consider it on Wednesday. Republicans hold a narrow majority in the chamber, and right-wing lawmakers who had demanded significantly larger budget cuts in exchange for lifting the borrowing limit were already in revolt.
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But the compromise, which would effectively freeze federal spending that had been on track to grow, had the blessing of both the Democratic president and the Republican speaker, raising hopes that it could break the fiscal stalemate that has gripped Washington and the nation for weeks, threatening an economic crisis. The two spoke by phone this evening to resolve final sticking points.
In a nighttime news conference outside his Capitol office that lasted just one minute, Mr. McCarthy said the deal contained "historic reductions in spending, consequential reforms that will lift people out of poverty into the work force, rein in government overreach," and would add no new taxes.
He declined to answer questions or provide specifics, but said he planned to release legislative text on Sunday, ahead of the Wednesday vote. ...
... For the remainder of the report:
https://www.nytimes.com/2023/05/27/us/politics/debt-limit-deal.html
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