The end of a drama which lasted for months was decidedly understated. It caused financial markets to be unnerved at home and abroad, and anxious retirees to become worried. make contingency plans If the country were unable pay its entire bill.
Instead of holding a public ceremony with lawmakers from both parties — showcasing the bipartisanship that Biden Had cited in an Oval Office address on Friday evening — the president signed the legislation in private in a reflection of the tight deadline facing the nation’s leaders.
You can also find out more about the following: Treasury Department The U.S. economy and the world’s economies would have been shocked if the government had not warned them that they would run out of money on Monday.
White House published a photo of President Obama signing legislation on the Resolute desk. In a short statement Biden The message was a warm one, in contrast to the initial rancor. debt debate.
The standoff began when Republicans refused to raise the country’s borrowing limit Democrats would not agree to lower spending without the White House’s agreement. The White House eventually began a series of weeks-long protests. intense negotiations The following are some examples of how to use House Speaker Kevin McCarthyThe deal was reached by, R.-Calif.
You can also find out more about the following: final agreementI passed by the House The Senate, on Wednesday, and the House on Thursday suspend the debt limit until 2025 — after the next presidential election — and restricts government spending. The budget for the two-year period is intended to ensure fiscal stability during the heated political season.
Raising the nation’s debt limitWith a current value of $31.4 trillion the federal government is able to take out loans in order pay off debts.
Once Congress has passed legislation Biden On Friday, he delivered his inaugural speech as President from the Oval Office.
“No one got everything they wanted but the American people got what they needed,” He said, underlining the “compromise and consensus” The deal. “We averted an economic crisis and an economic collapse.”
Biden In his reelection campaign, Obama praised the successes of his term, which included support for infrastructure investment, high-tech manufacturing and financial incentives in order to fight climate change. He highlighted the ways in which he countered Republican efforts at rolling back his agenda, and achieving deeper cuts.
“We’re cutting spending and bringing deficits down at the same time,” Biden said. “We’re protecting important priorities from Social Security to Medicare to Medicaid to veterans to our transformational investments in infrastructure and clean energy.”
Biden’s remarks were the most detailed comments from the Democratic president on the compromise he and his staff negotiated. He kept a low profile during these high-stakes negotiations, which frustrated many members of his own party. However, it was to allow both sides the opportunity to come to an agreement and have lawmakers vote for him to sign.
Biden McCarthy’s negotiators were applauded for acting in good faith. All congressional leaders also received praise for expediting the passage of this legislation. “They acted responsibly, and put the good of the country ahead of politics,” “He said”
The 99-page legislation also changes certain policies. It imposes new requirements on older Americans who receive food assistance and approves a natural gas pipeline in Appalachia that is opposed by many Democrats. The bill also modified some environmental regulations. to help streamline approvals for infrastructure and energy projects — a move long sought by moderates in Congress.
According to the Congressional Budget Office, this legislation is estimated to have a negative impact on consumers. expand total eligibility for federal food assistanceThe elimination of work requirements Veterans, the homeless and youth leaving care are all eligible.
This bill also boosts funding for veterans and the defense, reduces some money to be given to Internal Revenue Service (IRS) and rejects a number of tax proposals. Biden’s call to roll back Trump-era tax breaks on corporations and the wealthy to help cover the nation’s deficits. But the White House said the IRS’ plans to step up enforcement of tax laws for high-income earners and corporations would continue.
The agreement imposes an automatic overall 1% cut to spending programs if Congress fails to approve its annual spending bills — a measure designed to pressure lawmakers of both parties to reach consensus before the end of the fiscal year in September.
The legislation was passed by both the Senate and House with a 63-36 vote. The Senate vote was 63 to 36, with 46 Democrats and Independents along with 17 Republicans for the bill. 31 Republicans and four Democrats plus one independent caucusing with Democrats were against.
The House voted 314 to 117.
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Lisa Mascaro is a Congressional correspondent for AP. She contributed to the report.
