Agreement reached between Biden and McCarthy to extend the debt limit for two years

President Joe Biden and Speaker of the House of Representatives Kevin McCarthy have finally reached an agreement late Saturday night to save America drowning in debt. An ‘in-principle agreement’ has been reached on increasing the country’s statutory debt limit. The two leaders have agreed to a ‘compromise’ to limit federal spending and protect the US from a possible default. However, the concessions that have been set to reach the deal run the risk of angering both Democrats and Republicans. Now it has to be seen whether this agreement can save America’s sinking ship or not.

Negotiators have agreed on Republicans’ growing need for work for food stamp recipients, which Democrats have raised an uproar. Both sides need to agree to the deal before the June 5 deadline for parliamentary approval. McCarthy said the agreement was reached after a phone conversation between the Democratic president and the Republican speaker on Saturday evening. The nation and the world eagerly awaited a resolution to the political impasse that threatened the US and global economies.

Biden told the agreement good for America

Biden said in a statement on Saturday night, “A ‘compromise’ had to be made to reach this agreement.” This means that not everyone will get what they want. ”Biden described the agreement as good news for the people of America, saying that this could save the country from a mistake that would lead it into an economic recession. Could have Also, retirement accounts would have been affected and millions of people would have lost their jobs if there was no agreement.