US debt ceiling deal ready for vote: Biden

Washington: US President Joe Biden said a bipartisan deal to raise the US debt ceiling and avert the worst possible crisis is ready to move to the full Congress. “I just spoke with Speaker McCarthy, and we’ve reached a bipartisan budget agreement that we’re ready to move to the full Congress. I think it’s a really important step and it takes the threat of catastrophic default off the table; it protects our hard-earned and historic economic recovery,” Biden said at a brief appearance before reporters on Sunday evening.

“That agreement now goes to the United States House and to the Senate. And I strongly urge both chambers to pass that agreement,” he added.

“Let’s keep moving forward on meeting our obligations and building the strongest economy in the history of the world,” the President asserted.

The proposed deal is the result of long and bitter negotiations between Democrats and Republicans, the BBC reported. Earlier, the Treasury had warned the US will run out of money on June 5 without a deal. The US must borrow money to fund the government because it spends more than it raises in taxes.

That agreement now goes to the United States House and to the Senate. And I strongly urge both chambers to pass that agreement

— Joe Biden, US President