President Biden and House Speaker Kevin McCarthy are expressing optimism that their debt limit compromise deal, will be able to pass the House and Senate by the deadline June 5th.
by that date, the United States could default on our national debt, sending shock waves through the economy and world markets.Speaker McCarthy says he wants a full House vote by Wednesday.
Republicans, however, did not get the deep cuts they'd proposed, and some GOP lawmakers are skeptical, worried that McCarthy's deal doesn't go far enough. The bill would keep spending at the same levels for 2024, and limit spending increases to 1% in 2025, with the exception of the military.
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