Watch: President Biden will address the deal with Congress to avert debt default – Gist It

Watch: President Biden will address the deal with Congress to avert debt default

President Biden will address the nation on Friday evening regarding the deal with Congress to avert debt default.

Significant agreement: The Senate passed legislation negotiated by Biden and House Speaker Kevin McCarthy to raise the debt ceiling for two years and cut federal spending.
* The compromise would cut federal spending by $1.5 trillion over a decade and impose stricter work requirements for food stamps.
* Some far-right Republicans argued the deal didn’t cut enough spending, while some hard-left Democrats were concerned about possible increased hunger due to work requirements.

Timely passage: The legislation comes just days ahead of Treasury Secretary Janet Yellen’s warning that the government would soon run out of money to pay its bills.
* The bill is expected to be signed by President Biden as early as Saturday.

Financial resources: The deal also reclaims money for the IRS and approximately $27 billion in funding to federal agencies for combatting the coronavirus pandemic.

View original article on NPR

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June 2, 2023

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