President Joe Biden announced in Washington on Sunday evening that a catastrophic bankruptcy of the United States could be avoided by agreeing on the budget, after completing the agreement concluded on Saturday with the Speaker of the House of Representatives.

The president met with House Republican Leader Kevin McCarthy on Sunday. Joe Biden said at the press conference held at the White House that it was made clear at the beginning of the negotiations that they could only move forward with an agreement between the two parties, but at the same time he added that he had to make a few concessions to the two parties. Republicans.

On Sunday, the President made a confident statement regarding the adoption of the legislation this week, saying he was confident that legislation to reduce budget spending and raise the national debt limit could be signed before him.

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In a statement issued Saturday, the president described the agreement as an important step toward reducing government spending while protecting important programs available to workers and ensuring economic growth.

Kevin McCarthy, Speaker of the House of Representatives of Congress, said in his press conference on Sunday that although Republicans did not get everything they expected, Democrats had to go a much bigger step back. Among the results he achieved in the negotiations, the Republican Speaker of the House of Representatives stated that the government will withdraw the 2023 increase in the budget of the Federal Tax Authority, and the remaining amount from the fund created to mitigate the impact of the coronavirus epidemic will be returned to the budget.
Kevin McCarthy also said on Fox News Sunday morning that Congress is voting on the largest budget spending cuts ever.
He stressed that voting in the House of Commons could take place no later than 72 hours after preparing the final text of the bill, expected on Sunday evening. Kevin McCarthy made a promise when he was elected Speaker of the House that all legislation would have at least three days, so that representatives would have enough time to read and consider the draft legislation before voting on it.

The risk of weeks of fierce negotiations between the Democratic-led White House and the Republicans leading the House of Representatives was to raise the national debt ceiling, without which the United States would not be able to pay its national debt that is set to expire. At the beginning of June.

Based on previously published information about the agreement, in exchange for reducing budget spending, Republicans agree to raise the upper limit of the US national debt for two years, or about $4 trillion.

The US federal government’s debt exceeds $31 trillion, reaching the maximum currently allowed by law.




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