US: Prez Joe Biden and Republican House Speaker Kevin McCarthy reach debt ceiling deal to avert country’s first-ever default

In the United States, maneuvering a crucial procedural vote amid a backlash that raised the threat of the country’s first-ever default, a pact to step up the debt ceiling passed its obstacle in Congress. However, the vote of the full house in this regard is scheduled for Wednesday evening. Lawmakers have until Monday next week to give a green single to the agreement between Republicans and Democrats to approve further borrowing to avoid missing loan repayments by the country.

With Republican House Speaker Kevin McCarthy and Democratic President Joe Biden agreeing on the 99-page “Fiscal Responsibility Act” at the weekend, in view of reducing federal spending and raise the debt ceiling until 2025, brought sighs of relief across Washington. It needs lawmakers’ support at a crucial vote on Wednesday in the House of Representatives.

Conservatives have voiced their distress that proposed spending cuts fall far short of what they agreed in a bill passed by House Republicans last month and party leaders were making extra efforts on the accord making it through the committee to the floor.