Debt Ceiling Deal Between White House And GOP Reached In Principle

• Debt Ceiling Deal Between White House And GOP Reached In Principle
  by Tyler Durden, https://www.zerohedge.com/
  The White House and GOP negotiators have reached an agreement in principle to raise the US debt ceiling, averting a default.
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  The deal raises the debt limit and keeps non-defense spending ‘near flat’ for two years, while cutting and capping various federal programs, the NY Times reports. After 2025, however, there will be no budget caps.
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  It was structured with the aim of enticing votes from both parties, though it would most likely draw the ire not only of conservative Republicans but also Democrats furious at being asked to vote for cuts they oppose with the threat of default looming.
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  If the progressives or the Freedom Caucus don’t blow it up, the plan has a chance of Congressional passage before June 5, the date Treasury Secretary Janet Yellen has warned any deal must be finalized by in order to avoid hitting the “X-date”, when the Treasury can no longer meet its obligations.
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  “After weeks of negotiations, we have come to an agreement in principle,” said House Speaker Kevin McCarthy, adding that there are “historic reductions in spending” and “consequential reforms.”
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  “There are no new taxes, no new government programs,” McCarthy continued, adding that they would be spending tonight writing the agreement. McCarthy expects a vote on Wednesday.
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  read more.

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