Debt ceiling: A two-year deal before June 1

The debt ceiling saga between the White House and House Republicans is driving to an end as the two protagonists are closing to sign a two-year deal, which would happen before June 1, according to the media, including the Associated Press and the New York Times.

Lawmakers have insisted on “spending reduction” while the government has strived for “preventing large cut.” However, many other elements necessary to the deal are missing.  

The Associated Press reported that House Republicans want more rigor for the government to grant food stamps, cash assistance and health care aid. They would consent on the other hand that the spending on the military and veterans’ programs would continue to grow, wrote the New York Times. Both media said that President Joe Biden and House Speaker Kevin McCarthy expressed optimism about an agreement before the deadline.

“Treasury would be unable to continue to satisfy all of the government’s obligations by early June if Congress does not raise or suspend the debt limit before time,” wrote the Secretary Janet L. Yellen in her last letter to Congress on May 22.   

The United States debt ceiling is now 31 trillion dollars.

The expected deal has to wait for at least Tuesday, because lawmakers departed for a break due to the Memorial Day holiday.

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