Categories: World

Crisis averted?: Deal in debt dispute between Biden and McCarthy

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The Speaker of the Republican House, Kevin McCarthy, has been wrestling with the Democrats for weeks.

The crisis seems to be averted, the White House and the Republicans have found a solution to the debt dispute. This is reported by the New York Times.

The deal: The debt ceiling of currently $31.4 trillion will be raised for two years – i.e. until after the presidential election in November 2024. In return, government spending for everything but the military and veterans will be reduced during this period.

The Senate, controlled by Biden’s Democrats, and the House of Representatives, controlled by Republicans, have yet to approve the deal. There could be resistance on both sides to a compromise found, so majorities in both chambers of Congress are by no means certain. (new)

++ Update follows ++

Source: Blick

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