VIDEO: Biden, McCarthy Edging Closer to New Slimmed-Down Debt Ceiling Deal
As debt ceiling talks continue to progress, it appears President Biden and Republican House Speaker Kevin McCarthy are just $70 billion apart on completing a new slimmed-down deal.
Rather than the usual hundreds of pages long bill, it is expected that a potential slimmed-down deal would include only a few key numbers. According to a source close to the negotiations, they expect the two sides to come to an initial agreement on the key top-line numbers, such as discretionary spending and military spending, while leaving it to House lawmakers to finalize the remaining details related to housing and education via the traditional appropriations process in the coming months.
As the June 1, 2023, deadline looms, lawmakers are expected to continue working through their holiday to hammer out a deal. However, if both parties fail to come to an agreement before the deadline, America’s AAA credit rating could be in jeopardy.
Video Source: Wall Street Journal YouTube
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