Compromise on US debt ceiling expected soon amid questions over whether deal can be struck – live | american politics
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Compromise on the debt ceiling would be within reach – but breaking it is another matter
Hello, readers of the American political blog. It looks like negotiators for Joe Biden and Republican Speaker of the House Kevin McCarthy are close to agreeing the outlines of a deal to raise the debt ceiling until 2024 in return for cutting some government spending, according to reports yesterday. This will ease fears that the standoff could lead to the US government defaulting on its debt for the first time in history around June 1, and likely destroying the economy. But McCarthy and Biden are just two men — powerful men yes, but there are 100 senators and 435 House representatives who have to decide whether to vote for the deal whether they accept it or not. Expect to hear a lot about it as the deal is fleshed out.
Here’s what else is happening today:
Unable to borrow moneythe US government’s cash balance fell to $49.5 billion on Wednesday – less than 24 billionaires, Bloomberg reports.
The House and the Senate are holding only brief sessions today, but House lawmakers have 24 hours notice to return to Washington over Memorial Day weekend to vote on the debt-limiting deal.
Biden hosts NCAA champions Louisiana State University Tigers women’s basketball team at the White House at 2 p.m. Eastern Time and men’s basketball champions the NCAA, the University of Connecticut Huskies, at 5 p.m.
theguardian
