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Wednesday, October 4, 2023
HomeLatest NewsMcCarthy vowed to shut down the issue of US government debt today....

McCarthy vowed to shut down the issue of US government debt today. KXan 36 Daily News

Date: October 4, 2023 Time: 15:52:20

“We just want to get back to talking to finally agree on all the language and make sure that both sides agree that the language is consistent with what we agreed to during the negotiations,” McCarthy said. He also said that the final bill will be available to the general public.

The politician pointed out that the Biden team, when dealing with this issue, showed professionalism, intelligence and perseverance.

The decision to raise the US debt ceiling, once a fairly routine event, this time took almost half a year and forced many experts, for the first time in many decades, to talk almost seriously about the possibility of a default.

US Treasury Secretary Janet Yellen has repeatedly stated that if the White House and Congress fail to agree on raising the debt ceiling, it could happen as early as June.

The Democratic Party, to which Biden belongs, initially counted on a fairly large increase in the debt threshold to expand its “room for manoeuvre” in the new budget. Thus, the White House has announced many rather expensive populist measures. For example, paying off higher education debt, which in the United States can run into the tens of thousands of dollars.

At the same time, Republicans pushed for spending cuts. Although they did not deny the need to raise the national debt ceiling, it was planned to set its new threshold at a much more conservative level.

Apparently, the US legislative and executive authorities finally managed to come to a common decision, but it will finally become clear only after negotiations.

Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.

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