As explained HERE over and OVER?
These two guys ARE gonna sign off on RAISING the Debt Ceiling….
There will be NO NONE Payment of US Government Bill’s….
The announcement is about them….
Now come the HARD part….
Getting the votes to actually ratify this ; agreement in principle’….
Mind You?
House Speaker Republican Kevin McCarthy PROMISED party lawmakers that he would NOT be like others in this situation….
‘He’ would allow the lawmakers rot ‘see’ and make up their ‘own’ minds on any legislation and NOT be pushed by leadership into going along…..
THAT IS going to be EXACTLY what is gonna happen….
To go against what McCarthy has worked out will be NOT seen as good for the House Speaker and the party’s ability to get trhings done….
Biden is also gonna hve problems fcrom his side in some concessions he has agreed to from the left wing of his party….
They may be last minute changes….
Everybody ain’t gonna be happy….
And?
Though doubtful….
The agreement could NOT make it to Biden’s desk…..
The full legislative details were not immediately clear late Saturday, as lawmakers had yet to introduce any text. But it arrives more than four months after Republicans assumed control of the House in January and plotted a strategy to leverage the debt ceiling to achieve their policy agenda — ignoring repeated warnings that their brinkmanship could plunge the country into a recession.
Its fate rests now in the hands of a restive Congress, where Democrats and Republicans began raising objections hours before their leaders struck their bargain. The blowback underscores the difficult task Biden and McCarthy now face to muscle any legislation through the pitfall-prone, narrowly divided House and Senate with roughly a week to spare.
Earlier Saturday, conservatives appeared on the verge of revolt, with some faulting McCarthy for failing to extract the same level of spending cuts that the GOP-led House adopted last month with no Democratic support. The far-right House Freedom Caucus tweeted that the initial reports of the deal were “unacceptable,” and one member — Rep. Dan Bishop (R-N.C.) — predicted that it could mean “war.”
Democrats, meanwhile, have offered rare public criticism of their own president over the past week, questioning whether Biden might have given up too much in discussions that he never should have entertained in the first place…
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McCarthy told reporters on Saturday night that the House plans to vote on the debt ceiling legislation as soon as Wednesday. He stressed that his deal with Biden contains “historic reductions in spending,” adding that “there are no new taxes, no new government programs.” He declined, however, to provide further details until he addressed his conference.
The White House plans to brief House Democrats on Sunday evening about the contours of the agreement. In a statement, Biden described it as a “compromise, which means not everyone gets what they want……”
A quick look at the ‘deal’ parameters …..
Under the terms of the deal, Republicans agreed to extend the government’s borrowing authority for two years — pushing the threat of default beyond the 2024 elections, as Biden had demanded, according to a source familiar with the agreement.
In return, the White House agreed to freeze — or accept small cuts — in nondefense spending for 2024, which could affect discretionary programs favored by Democrats. Spending in 2025 would be increased by 1 percent, and no caps would apply in 2026 and beyond, the source indicated.
The agreement also increases the age at which recipients of food stamps must seek work to be eligible for the benefits, from 49 to 54 — a key request of Republicans. But it would also ease work requirements for certain other groups, including veterans and the homeless — changes designed to sweeten the deal for Democrats.
Medicaid, according to the source, would not be affected, nor would Biden’s student loan relief program.
The compromise came on Day 11 of tense negotiations between McCarthy, Biden and their appointed deputies. And it was fueled by a warning from the Treasury Department, issued just a day earlier, that the government would run short of funds to pay down all of its obligations on June 5….
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House Republicans had passed a partisan debt ceiling bill through the lower chamber last month, which included roughly $4.8 trillion in deficit reduction and rescinded a number of Biden-era programs, including green-energy tax credits, student-loan subsidies, and $80 billion in IRS funding.
But GOP negotiators dropped most of those provisions during the course of the talks in order to secure the new spending caps. And even before the deal was announced, the Freedom Caucus was blasting the proposal for giving away too much to Biden.
The conservatives are pointing to one major point of contention: The debt ceiling hike in their legislation was capped at $1.5 trillion, while the deal McCarthy cut with Biden was expected to be nearly three times that figure….
…
Despite the conservative criticisms, Republicans clearly won the debate in one important sense: Unlike debt ceiling fights in the past — when GOP leaders demanded spending cuts but conceded tax hikes to Democrats in return — McCarthy drew a red line on new revenues early in the process, focusing the deficit reduction effort squarely on only the spending side of the budget equation in what amounts to a major victory for Republicans.
The absence of tax hikes as part of the deal has infuriated Democrats, who are lamenting the lopsided nature of the talks. But it could provide McCarthy some cover as he faces a barrage of criticism from his far-right skeptics….
Manu Raju
@mkraju
McCarthy says vote WEDNESDAY on bill to avoid default. Text out tomorrow. Suggests that work requirements are part of final deal. Spoke to Biden twice tonight. Didn’t take questions. Plans to brief members tonight
More on the ‘deal’ stuff….
The drama is by no means over. Congressional leaders in both parties have to convince enough of their members to vote for the agreement, which contains provisions that lawmakers on each side of the aisle don’t support.
Not all the details of the agreement are available yet. And the information made public Saturday evening shows some discrepancies. The bill text is scheduled to be released on Sunday.
Here’s what we know about the deal, based on a fact sheet circulated by House Republicans and a source familiar with the negotiations….
More….