They said they wanted to slow the growth of the US debt, which was roughly equal to the annual output of the country's economy.
The two sides have to carefully thread the needle in finding a compromise that can clear the House, with a 222-213 Republican majority, and Senate, with a 51-49 Democratic majority.The long stand-off spooked financial markets, weighing on stocks and forcing the United States to pay record-high interest rates in some bond sales.
Mr Biden for months refused to negotiate with Mr McCarthy over future spending cuts, demanding that politicians first pass a "clean" debt-ceiling increase free of other conditions, and present a 2024 budget proposal to counter his issued in March.Spending matches annual economic outputRepublicans say recent increased government spending was fuelling the growth of the US debt, which is now roughly equal to the annual output of the economy.
Congress eventually averted default, but the economy endured heavy shocks, including the first-ever downgrade of the United States' top-tier credit rating and a major stock sell-off.
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