Saturday night’s debt ceiling deal “prevents the worst possible crisis, a default,” President Joe Biden declared.
During a brief news conference on Sunday night, he described the agreement as a compromise. It’s true that “nobody got everything they want.”
As Biden said, “Democrats and I have worked long and hard for,” and the deal safeguards those goals. I encourage both houses to approve this deal,” he said.
U.S. House Speaker Kevin McCarthy expressed confidence on Sunday that the arrangement would have the backing of most Republicans. In addition, President Biden has already stated his confidence in the bill’s passage through the House and Senate before today’s news conference.
The value of the U.S. Dollar Index rose 0.1% to 104.27 as of 7:08 PM ET. Futures for the Standard & Poor’s 500 index, the Nasdaq 100 index, and the Dow Jones Industrial Average are all expected to close higher today.
During the briefing, Biden asked whether repealing the debt ceiling through the 14th Amendment would address the situation. He said that doing so would merely stir up more debate. Still, he’s checking up on the 14th Amendment to see if there’s any way to eliminate the debt ceiling there.
The 14th Amendment guarantees that “the validity of the public debt of the United States, authorized by law… shall not be questioned.”
The accord has been criticized by some of the GOP’s more conservative members. Rep. Ralph Norman (R-SC) tweeted, “A $4T debt ceiling increase with virtually no cuts is not what we agreed to.”
The bill’s harsher job requirements for certain food and cash aid users might draw opposition from liberal Democrats.
On Wednesday, May 31, the measure is scheduled to be brought up for a vote on the House floor. If the House approves the bill, it will be sent to the Senate. After that, it will become law with President Biden’s signature. If the debt limit isn’t lifted or suspended by Monday, June 5, Treasury Secretary Janet Yellen predicted that the department will run out of funds.
Featured Image: Freepik @ wirestock
Author Shariq Khan 
