Biden Asks Congress to Approve US Debt Ceiling Agreement

Mon May 29 2023
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WASHINGTON: US President Joe Biden has said a bipartisan agreement to increase the US debt ceiling and prevent default is ready to move to the US Congress.

US Debt Ceiling Agreement is ready to move to the US Congress

In a statement via his Twitter account, the US President said on Sunday that McCarthy and he reached a bipartisan budget agreement to prevent the possible crisis. He claimed that the agreement is a good news for US citizens. He strongly urged the US Congress to approve the agreement.

Biden said that the agreement was a “compromise,” while Republican House Speaker Kevin McCarthy termed it “worthy of the American people.”

As per media reports, the two sides must now persuade Congressmen to adopt it. The agreement is the outcome of long and bitter talks between Republicans and Democrats.

The United States must borrow money to provide funds to the government as it spends more than it raises in taxes.

Earlier, US President Joe Biden and the Republicans agreed in principle to increase America’s debt ceiling and prevent a default, US House Speaker Kevin McCarthy said on Sunday. BBC reported that the US Treasury Department earlier warned that the nation would run out of money to pay its bills on 5th June without an agreement. Such a situation would upset the country’s economy and also disrupt international markets.

White House, Republicans Reach Deal to Avert Debt Default

The reported agreement comes shortly after Biden and Kevin McCarthy discussed the matter on the phone. They earlier said they were confident an agreement would be reached.

McCarthy tweeted: “After President Joe Biden wasted time and declined to negotiate for several months, we have come to a deal in principle that is worthy of the US citizens.

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