US President Joe Biden and US Speaker of the House Kevin McCarthy has reached a tentative deal on the debt ceiling in the nation's capital. A deal had to be done by June 5 or the US would have defaulted on its $31.4 trillion debt. The deal is scheduled to last until January 2025.
However, we are not out of the woods as of yet. The deal has to be approved by a majority in the US House of Representatives and approved by a majority in the US Senate next week. Congressmen in the House and the Senate are wary of this deal and could potentially block this deal from even happening before June 5.
Conservative members in the House are not fully on board with the Speaker of the House. Here is a quote from Rep. Bob Good (R-VA).
"No one claiming to be a conservative could justify a YES vote."
US Senator Mike Lee (R-UT) stated that he will personally block this deal from becoming law in the US Senate if his demands are not met. Here is a look at his demands.
If there is no smooth sailing on this bill, then the American economy will take a major hit on June 5. Plus, there is opposition of this deal from the progressives as well. Eleven different Democratic Senators still want President Biden to invoke the 14th Amendment that would eliminate Congress from voting on the debt ceiling issue ever again. Deputy Treasury Secretary Wally Adeyemo ruled out this option. As a result, progressives in the House and the Senate may not be on board with this deal either.
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