United States: Default Averted?
28 May 2023 By Abiodun Kareem Giwa
Speaker Kevin McCarthy and President Joseph Biden (Courtesy: Originalfm.com)
According to reports on Fox News, the White House and Congress announced a principal debt Sunday. Speaker McCarthy says the pages of the deal bill will be at most 150, and it will require just 72 hours to be read compared to the past when such a bill was hardly readable because of the enormity of volume.
He also says it is the first time the country has raised a debt ceiling with cuts in expenditure. President Joseph Biden confirms the deal in a meeting with the media.
Meanwhile, the Senate majority leader Chuck Schumer has sent a letter to members of the chamber about the need for the Senate to suspend its recess to allow it to consider the new bill during next weekend, erasing the fear of a Biden Default, which would have made government's financial obligation obsolete after June 5, based on a disclosure by the treasury.
But fears of a Biden default will be difficult to confirm until the House and the Senate agree on the letters of the bill. Although McCarthy assured the minority leader in the House, Hakeen Jeffrey and Democrats were inclusive in discussions leading to the deal. But Jeffrey disclaimed McCarthy's words that Democrats are upset over the bill. Instead, he says he is still to review the statement.
There is an assurance the bill will pass the House vote, despite a small portion of colorful Republicans opposing the bill. Biden seems assured the catastrophe of default has been averted.
He also says it is the first time the country has raised a debt ceiling with cuts in expenditure. President Joseph Biden confirms the deal in a meeting with the media.
Meanwhile, the Senate majority leader Chuck Schumer has sent a letter to members of the chamber about the need for the Senate to suspend its recess to allow it to consider the new bill during next weekend, erasing the fear of a Biden Default, which would have made government's financial obligation obsolete after June 5, based on a disclosure by the treasury.
But fears of a Biden default will be difficult to confirm until the House and the Senate agree on the letters of the bill. Although McCarthy assured the minority leader in the House, Hakeen Jeffrey and Democrats were inclusive in discussions leading to the deal. But Jeffrey disclaimed McCarthy's words that Democrats are upset over the bill. Instead, he says he is still to review the statement.
There is an assurance the bill will pass the House vote, despite a small portion of colorful Republicans opposing the bill. Biden seems assured the catastrophe of default has been averted.
