An “agreement in principle” between President Joe Biden and House Speaker Kevin McCarthy would raise the nation’s legal debt ceiling, but now Congress has only days to approve a package
have been watching and waiting for a resolution to a political standoff that threatened the U.S. and global economies.
With the outlines of an agreement in place, the legislative package could be drafted and shared with lawmakers in time for House votes as soon as Wednesday, and later in the coming week in the Senate. The two sides had also reached for an ambitious overhaul of federal permitting to ease development of energy projects. Instead, the agreement would put in place changes in the landmark
Both sides have suggested one of the main holdups was a GOP effort to expand work requirements for recipients of food stamps and other federal aid programs, a longtime Republican goal that Democrats have strenuously opposed. The White House said the Republican proposals were “cruel and senseless.”
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