Senate Majority Leader Chuck Schumer (D-N.Y.) praised President Joe Biden for reaching an agreement with Republicans to raise the debt ceiling, telling Senate colleagues to prepare for a weekend vote on passage of the deal.
“I salute President Biden for protecting the American economy and delivering for American families by taking the threat of default off the table,” Schumer said in a letter to other senators. “I look forward to seeing the language of the agreement and reviewing it carefully.”
On the evening of May 27, Speaker of the House Kevin McCarthy (R-Calif.) announced during a press conference that he and Biden had reached what he called “an agreement in principle that’s worthy of the American people” to raise the debt ceiling. In addition to raising the debt ceiling, the bill would cap non-defense spending at its previous levels, enhance work requirements for government assistance, and reclaim unspent COVID-19 relief funds, among other measures….