“We still have a lot of work to do,” House Speaker Kevin McCarthy says after reaching an agreement in principle with President Joe Biden to raise the nation’s debt ceiling and avoid a potentially disastrous U.S. default.
House Speaker Kevin McCarthy of Calif., speaks during a news conference after President Joe Biden and McCarthy reached an "agreement in principle" to resolve the looming debt crisis on Saturday, May 27, 2023, on Capitol Hill in Washington. Rep. Patrick McHenry, R-N.C., a key Republican in the debt limit negotiations and chairman of the House Financial Services Committee, back right, and Rep. Garret Graves, R-La., McCarthy's top mediator in the debt limit talks, left, look on.
Biden called the agreement “good news for the American people, because it prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost.”But the Republican speaker said: “I believe this is an agreement in principle that’s worthy of the American people.”
The two sides had also reached for an ambitious overhaul of federal permitting to ease development of energy projects and transmission lines. Instead, the agreement puts in place changes in the the National Environmental Policy Act that will designate “a single lead agency” to develop economic reviews, in hopes of streamlining the process.
But as another day dragged on with financial disaster looming closer, it had appeared some of the problems over policy issues that dogged talks all week remained unresolved. Americans and the world were uneasily watching the negotiating brinkmanship that could throw the U.S. economy into chaos and sap world confidence in the nation’s leadership.
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