(MENAFN) After a lengthy phone call on Saturday evening, US President Joe Biden and House Speaker Kevin McCarthy have reached a "tentative" agreement on raising the country's debt ceiling and implementing measures to curb federal government spending. While the agreement is seen as a positive step, it must still be finalized and voted through Congress before the government faces the risk of running out of funds to meet its financial obligations.
Expressing his optimism, McCarthy emphasized that the agreement, in principle, is a significant development that is deserving of the American people. He highlighted the historic reductions in spending and consequential reforms aimed at improving the lives of individuals by lifting them out of poverty and promoting workforce participation, while also reining in government overreach.
President Biden acknowledged the compromise nature of the agreement, noting that not everyone will be completely satisfied. However, he emphasized that it is an important step forward as it combines spending reductions with the protection of critical programs that benefit working people and contribute to overall economic growth.
Although the draft bill reportedly includes additional provisions, Speaker McCarthy noted that there is still work to be done before finalizing the details. He refrained from taking questions from the media until he has informed his fellow party members about the progress made. To ensure effective communication, an all-GOP House conference call to discuss the negotiations' progress was scheduled for later on Saturday.
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