Biden lueft GOP Leadere fir 'Verantwortlech ze handelen' a Scholddeckengespréicher No Rocky Verhandlungen

Topline

President Joe Biden commended both Democratic and Republican congressional leaders for “acting responsibly” and operating in “good faith” during debt ceiling negotiations in a speech from the Oval Office on Friday evening—despite weeks of turbulent talks between both parties that included a Republican walkout and several pauses in negotiations.

Schlëssel Fakten

Biden’s address primarily focused on the successful passage of the debt ceiling bill that he said would be signed Saturday.

The president added that failure to reach a budget agreement would have thrown the U.S. economy into a recession and resulted in the loss of 8 million jobs, among other consequences—noting it would have taken years to recover from it.

The debt ceiling bill passed both the House and the Senate this week with more Democratic House members voting in support of the bill than Republicans.

Biden praised House Speaker Kevin McCarthy (R-Calif.) and his team for being respectful—even after McCarthy accused Biden and Democrats of wanting a default in mid-May, claiming they weren’t talking about “anything serious” in negotiations.

Schlëssel Hannergrond

Biden and Republicans, led by McCarthy, spent weeks ironing out the provisions included within the debt ceiling deal, which will keep spending flat next year and allow for a 1% increase in 2025. Less than two weeks ago, talks were suddenly stalled when Republican lawmakers walked out of negotiations, saying they received “unreasonable” requests from the Biden Administration. McCarthy signaled optimism that a deal would be made a week after the walkout occurred, saying that progress was taking place despite some obstacles. Last week, Treasury Secretary Janet Yellen wrote in a letter to McCarthy that June 5 was the deadline for avoiding a default, leaving lawmakers and the White House with little time to reach an agreement. The deal was criticized by some hard-right Republicans such as Rep. Ralph Norman (R-S.C.), who described it as “insanity,” while left-wing figures like Sen. Bernie Sanders (I-Vt.) said Biden should have unilaterally raised the debt ceiling by invoking the Fourteenth Amendment, rather than agreeing to Republican spending cut demands. The House passed the debt ceiling bill in a 314-117 vote Wednesday evening, while the Senate passed the bill in a 63-36 vote Thursday night.

Grouss Zuel

$136 billion. That is how much the New York Times estimates the bill will cut discretionary spending by.

Weiderliesen

Debt Ceiling Deal erreecht - Hei ass wat dran ass a wat nächst kënnt (Forbes)

Standard Kris verhënnert: Senat passt Scholddeckenrechnung no Méint laanger Debatt (Forbes)