The debt-ceiling deal between President Joe Biden and House Speaker Kevin McCarthy would suspend the United States’ debt limit through 2025 to avoid a federal default while limiting government spending, but its details are unlikely to be popular with progressive Democrats or hard-right Republicans.The Democratic president and Republican speaker are trying to win lawmakers over to the plan, announced Saturday, in time to avert a default that would shake the global economy. Congress will be scrutinising and debating the legislation, which also includes provisions to fund medical care for veterans, change work requirements for some recipients of government aid and streamline environmental reviews for energy projects.McCarthy said the House will vote on the legislation on Wednesday, giving the Senate time to consider it before June 5, the date when Treasury Secretary Janet Yellen said the US could default on its debt obligations if lawmakers do not act in time.
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