Senate Majority Leader Chuck Schumer praised President Joe Biden for reaching an agreement with House Speaker Kevin McCarthy on the debt ceiling and urged senators to prepare for a vote later this week.
Schumer explained this on Sunday in a “Dear Colleagues” letter to his fellow Democrats. The group will meet by phone later on Sunday and earlier this week to discuss the details of the budget agreement, he said in the letter.
“I commend President Biden for protecting America’s economy and serving American families by taking the risk of default off the table,” Schumer wrote. “I look forward to seeing the wording of the agreement and reviewing it carefully.”
“This has been a difficult few weeks considering how intransigent and extreme MAGA Republicans are, but still we must avoid a default and its dire consequences for the American people,” he added.
AGREEMENT IN BASIS BETWEEN Democrats and Republicans on debt ceiling
McCarthy also referred to a warning from Treasury Secretary Janet Yellen that the US would not be able to pay off its debt beyond June 5 unless Congress acted.
McCarthy has promised that House lawmakers will have 72 hours to consider the text of the agreement before voting on it, delaying the Senate trial until later this week.
Speaker McCarthy defends budget compromise as Conservatives balk: ‘A step in the right direction’
Biden’s White House team negotiated with Republican leadership throughout the weekend before announcing an “in-principle agreement” on Sunday. The speaker defended that agreement in an appearance on Fox News Sunday.
McCarthy calls “progress” in talks with the White House on the US debt ceiling
“It may not be everything for everyone, but it’s a step in the right direction that nobody thought we’d be able to take today,” McCarthy told presenter Shannon Bream.
“I will discuss this bill with everyone,” he continued. “Is it all I wanted? No, because we don’t control everything. But it’s the biggest resignation in history. It is the largest cut Congress has ever voted for in this process.”
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Several Republicans remain opposed to the law, most of them in the House Freedom Caucus. Rep. Chip Roy of R-Texas criticized the bill for, among other things, failing to cut most of Biden’s push to expand the IRS.
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