Biden and GOP Rush to Finalize Debt Ceiling Deal, Shore Up Support to Prevent Default

Anxious retirees and others were already making contingency plans for missed checks, with the next Social Security payments due soon as the world watches American leadership at stake.

A White House statement from the president issued after announcement of the agreement in principle, reached after Biden and McCarthy spoke by phone Saturday evening, said it"prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost.”

With the outlines of an agreement in place, the legislative package could be drafted and shared with lawmakers in time for House votes as soon as Wednesday, and later in the coming week in the Senate. The two sides had also reached for an ambitious overhaul of federal permitting to ease development of energy projects. Instead, the agreement would put in place changes in the landmark National Environmental Policy Act that will designate “a single lead agency” to develop environmental reviews, in hopes of streamlining the process.

“I think you’re going to get a majority of Republicans voting for this bill," McCarthy said on “Fox News Sunday," adding that because Biden backed it,"I think there’s going to be a lot of Democrats that will vote for it, too.” The coalition could provide enough support for McCarthy to make up for members in the right flank of his party who have expressed opposition before the bill language was even released.

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