The United States President, Joe Biden, was able to reach an agreement with The Republican Leader, Kevin McCarthy in The House of Representatives last Sunday, to lift the debt ceiling in the country.
The agreement was done by Biden and McCarthy during a phone call on Saturday. After this, both parts need to present the deal to their respective parties, the Congress (mostly Republican) and the Senate (mostly Democrat), before June 5. Otherwise, the American nation might be facing the problem to not be able to pay any of its existing bills.
The deal represents a responsibility both the governor and the Republican House have. However, drama and discussions are not over yet, since leaders in both the Republican and Democrat party have to convince their members to vote for the agreement, which is a difficult task, as there are points and laws on each side that are not fully supported. About this issue, McCarthy expressed:
“After weeks of negotiations, we have come to an agreement in principle. We still have a lot of work to do but I believe this is an agreement in principle that is worthy of the American people,”
In the same line, Biden stated that:
“The agreement protects my and congressional Democrats’ key priorities and legislative accomplishments. The agreement represents a compromise, which means not everyone gets what they want. That’s the responsibility of governing.”
It would be necessary, then, for both parties to get together and pass up the new agreement through the Congress before the deadline. In this way, a huge crisis, which includes the loss of millions of jobs and a recession, could be avoided.
Next Wednesday, the House of Representatives is set to deliberate and finally conclude the time-consuming tasks which has the country at the edge of a potential economic crisis, and thus the whole world at risk as well.