U.S. President Joe Biden holds debt limit talks with U.S. House Speaker Kevin McCarthy (R-CA) in the Oval Office of the White House in Washington, U.S. May 22, 2023 Reuters/Leah Millis
Leah Millis | Reuters
House Speaker Kevin McCarthy said Sunday that the tentative agreement House Republicans have reached with the White House to tackle the national debt ceiling will be “transformative” for the American public.
McCarthy told reporters that negotiators worked through the night to finalize the details of the deal, and they tried to keep the bill around 150 pages to make it easier for members of Congress to digest. and the public. President Joe Biden and McCarthy are expected to speak at 2 p.m. ET on Sunday to make sure the two sides agree on the wording of the bill, McCarthy said.
“We know anytime when you sit down and negotiate within two sides that you have to work with both sides of the aisle,” McCarthy said. “So it’s not 100 per cent for what everyone wants, but when you watch the country is going to be stronger.”
Once the deal is finalized, it must go through Congress and receive Biden’s signature to avoid a catastrophic default on US sovereign debt. Treasury Secretary Janet Yellen has warned that failure to raise the debt ceiling by early June could lead to “economic chaos”.
McCarthy said Sunday he thinks Republicans will back the bill, and assuming Biden grants his endorsement, he expects Democrats to back it as well. McCarthy also praised Biden and his team for how they conducted themselves during the tense negotiations.
“I thought his team was very professional, very smart, very tough at the same time,” he said.
Some House Republicans, such as Representative Chip Roy of Texas, have strongly criticized the deal on social media. Roy wrote in a tweet Sunday that he will “try” to prevent the bill from passing the House.
McCarthy encouraged members of Congress on Sunday to read the bill when it was released before taking a position.
“Let MPs read the bill before making the decision to go ahead,” he said.