Biden said he will “strongly urge both chambers to pass that agreement.”

A deal that would reduce the debt ceiling was concluded by President Biden and House Speaker Kevin McCarthy.

Biden said he will "strongly urge both chambers to pass that agreement."

A deal that would reduce the debt ceiling was concluded by President Biden and House Speaker Kevin McCarthy.

A deal that would reduce the debt ceiling was concluded by President Biden and House Speaker Kevin McCarthy.

McCarthy presented the House with 72 hours to evaluate the measure before a scheduled vote in that chamber when he disclosed the result of those efforts, 99 pages of legislative speech, on Sunday evening.

According to Biden, the deal upholds a number of Democratic goals. “The agreement prevents the worst possible crisis: a default for the first time in our nation’s history, an economic recession, retirement accounts devastated, and millions of jobs lost,” he told reporters on Sunday evening.

What is in the Bill?

A default that might occur on June 5 if the debt ceiling is not lifted would be avoided by the tentative agreement, which would raise the debt ceiling through the end of 2024.

The agreement freezes non-defense expenditure levels for the next two years and restricts yearly discretionary spending. This means that, except from Social Security and Medicare, funding for all domestic programs will remain flat in 2019.

The Inflation Reduction Act, the president’s key legislation on prescription drugs and climate change, as well as the president’s program to cancel student loan debt for millions of Americans, were successfully preserved by the White House, at least for the time being.

The bill would also recoup unused pandemic financing, including that provided by the American Rescue Plan and the historic COVID assistance and the Corona virus Aid, assistance and Economic Security (CARES) Act. Republicans have previously bragged about recovering billions through these laws.

 Biden said he will “strongly urge both chambers to pass that agreement.”

The president has previously indicated that he wanted Congress to approve raising the debt ceiling unconditionally. But House Republicans backed a measure in April that would have raised the debt ceiling in return for spending restraints. That idea served as the basis for discussions between GOP negotiators and the White House.

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