On Sunday, one week before the Treasury Department says the United States could run out of cash to pay its bills, House Speaker Kevin McCarthy announced a tentative deal on the government debt ceiling.
Under the agreement, the debt ceiling will be suspended at $31.4 trillion through January of 2025. President Joe Biden told reporters Sunday the deal represents a necessary compromise to avoid catastrophe.
This dealcomeswith just days to spare before a potential first-ever U.S. government default.It still hasto passthrough both the House and Senate before June 5 – members of the House are expected to vote on the bill tomorrow.
We discuss some of the key highlights of the deal.
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