The Bipartisan Budget agreement, according to US President Joe Biden, is the only way for the country to move forward. He urged Congress to approve the pact on Monday.”We’ve reached a bipartisan budget agreement that we’re ready to move to the full Congress and I think it’s a really important step forward,” Biden said while delivering remarks on the Bipartisan Budget Agreement on Monday. Biden said: “The Speaker and I made clear from the start that the only way forward was a bipartisan agreement, that agreement now goes to the United States House and to the Senate.”
He further said: “I strongly urge both chambers to pass that agreement. Let’s keep moving forward on meeting our obligations and building the strongest economy in the history of the world.”
The US President said the agreement represents compromise, that no one got everything they want, “but that’s the responsibility of governing”.
“I believe you’ll see for the American people the agreement prevents the worst possible crisis on default for the first time in our nation’s history,” he said.
He added: “It also protects key priorities and accomplishments and values that Congressional Democrats and I have fought along for long and hard for investing in America’s agenda.”US President Joe Biden and House Speaker Kevin McCarthy reportedly established a “agreement in principle” to lift the debt ceiling and put a curb on federal spending, according to a recent article in The Washington Post.
The accord represents a crucial step in averting a government default that may occur in nine days.
The new plan raises the legal cap on how much money the country can legally borrow to pay its bills until 2025, according to The Washington Post. In addition, it virtually freezes domestic spending and imposes additional job restrictions on some Americans who receive federal nutrition aid, according to a source with knowledge of the situation who asked to be anonymous in order to detail the delicate discussions.Republicans’ initial demands are reflected in some of the emerging agreement. After Republicans took control of the House in January, they devised a plan to use the debt ceiling to advance their political goals, despite repeated warnings that their brinkmanship could cause the economy to collapse. At 9:30 pm, McCarthy is anticipated to brief his party’s members by conference call.
Before Biden and McCarthy revealed their plan, several Republicans and Democrats had already begun to criticise its size and scope, highlighting the challenging challenge the two leaders faced in trying to force legislation through the pitfalls-prone, finely split House and Senate with about a week to spare.