How Biden and McCarthy struck a debt limit deal and staved off a catastrophe | Seung Min Kim, Stephen Groves & Farnoush Amiri / The Associated Press

  • 📰 BusinessMirror
  • ⏱ Reading Time:
  • 70 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 31%
  • Publisher: 59%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

It was advice that Mitch McConnell had offered to Joe Biden once already: To resolve the debt limit standoff, he needed to strike a deal with House Speaker Kevin McCarthy—and McCarthy alone. Know more:

Speaker of the House Kevin McCarthy, R-Calif., walks to the House chamber at the Capitol in Washington on May 31, 2023 as the House moves toward passage of the debt limit bill.WASHINGTON—It was advice that Mitch McConnell had offered to Joe Biden once already: To resolve the debt limit standoff, he needed to strike a deal with House Speaker Kevin McCarthy—and McCarthy alone.

But it was also a standoff largely instigated by Republicans who argued they needed to use the debt limit threat as a cudgel to rein in federal spending. And even with a resounding 314-117 House vote—followed by a 63-36 Senate vote—the episode is testing the durability of McCarthy’s speakership and his ability to tame a restive hard-right flank.He reflected back on his election as speaker after the House passed the debt limit package, referring to his long battle to claim the gavel in January.

The five negotiators—Graves, McHenry, Ricchetti, Young and legislative affairs director Louisa Terrell—met daily in a stately office on the first floor of the Capitol, under frescoes painted by the 19th century muralist Constantino Brumidi. Inside, they would home in with seriousness on priorities and red lines to figure out how they could reach a deal.Republicans were losing patience as the White House didn’t appear to be budging on curbing federal spending.

As Biden left Japan, he called McCarthy from Air Force One, and the speaker emerged appearing more optimistic than he had in days. Sustained by coffee, gummy worms and burritos, the negotiators worked grueling hours, mostly at the Capitol but once at the Eisenhower Executive Office Building, where they noshed on Call Your Mother bagel sandwiches sent over by Jeff Zients, the White House chief of staff.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 19. in LOANS

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Biden signs debt limit bill, avoiding US defaultPresident Joe Biden has signed a bill suspending the U.S. government’s $31.4 trillion debt ceiling, averting what would have been a first-ever default with just two days to spare. | Reuters
Source: inquirerdotnet - 🏆 3. / 86 Read more »

Biden signs debt limit bill, avoiding US defaultThe signing of the US debt ceiling bill marked a low-key, symbolic end to a crisis that vexed Washington for months.
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Biden signs debt ceiling bill that pulls US back from brink of unprecedented default | Chris Megerian / The Associated PressIt was a decidedly low-key denouement to a months long drama that unnerved financial markets at home and abroad and caused anxious retirees and social service organizations to make contingency plans in case the country was unable to pay all its bills. Instead of holding a public ceremony with lawmakers…
Source: BusinessMirror - 🏆 19. / 59 Read more »