An agreement needs to be reached and passed by both chambers of Congress before the federal government runs out of money to pay its bills

 
U.S. President Joe Biden and House Speaker Kevin McCarthy both underscored their determination to reach a deal soon to raise the federal government’s $31.4 trillion debt ceiling and avoid an economically catastrophic default.

“I’m confident that we’ll get the agreement on the budget. That America will not default,” Biden said.

Biden addressed the looming crisis before leaving for the G7 summit of world leaders in Hiroshima, Japan – a trip cut short due to ongoing negotiations.

“We’re going to come together because there’s no alternative. We have to do the right thing for the country,” Biden continued.

“We have to move on. And to be clear, this negotiation is about the outlines of what the budget will look like, not about whether or not we’re going to, in fact, pay our debts.

“Leaders have all agreed we will not default. Every leader has said that.”

Biden’s comments come after he and top Congressional leaders met in the Oval office, and the president agreed to negotiate directly with McCarthy on a deal, after a months-long standoff.

An agreement needs to be reached and passed by both chambers of Congress before the federal government runs out of money to pay its bills, which could happen as soon as June 1.

Asked by reporters at the Capitol whether it’s possible to reach a debt ceiling deal by the time Biden returns from Asia on Sunday, McCarthy replied, “It’s doable.”

“But now we’re along such a short timeline, it makes it almost harder.

“But if there’s one thing you know from me, I never give up. I have the grit, the perseverance, and we’re gonna get it done,” McCarthy affirmed.

Negotiators are aiming to hammer out an agreement before Biden’s scheduled return.

Congress would then have to act swiftly before the deadline hits.

McCarthy said the House – which Republicans currently control by a slim nine-seat majority – would vote first on any deal before sending it on to the Democrat-controlled Senate for approval.

Senate rules would require at least nine Republicans to go along with any deal. #trending #featured