WASHINGTON (AP) — The details of the deal between President Joe Biden and House Speaker Kevin McCarthy were released Sunday in the form of a 99-page bill that would suspend the nation’s debt limit through 2025 to avoid a federal default while limiting government spending.
The Democratic president and Republican speaker are trying to win over lawmakers to the plan in time to avert a default that would shake the global economy. But Congress will be scrutinizing 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 Wednesday, giving the Senate time to consider it before June 5, the date when Treasury Secretary Janet Yellen said the United States could default on its debt obligations if lawmakers did not act in time.
Some hardline conservatives have expressed early concerns that the compromise does not cut future deficits enough, while Democrats have been worried about proposed changes to work requirements in programs such as food stamps.