conference at the capitol. i just got off the phone with the president, i talk to him twice today, and after weeks of negotiations, we have come to an agreement in principle. we still have a lot of work to do, but i believe this is an agreement and principle that is worthy of the american people. i expect to finish the writing of the bill, checking with the white house and speaking to the president again tomorrow afternoon, and then posting the text of it tomorrow, and then voting on it on wednesday. thank you for your time, and i think this is very worthy of the american public. we do not have the full scope of the agreement, as the speaker, noted the bill is still being written as we speak, with the intention of completing it by later today. now, from what nbc news has gathered so far, the deal will to raise the debt limit until 2020, five it will keep it roughly flat while giving a slight boost of funding to defense, and if we are providing a new controversial work r
old. the news continues. cnn newsroom with michael starts now. anderson, thank. you matt gates, he singlehandedly held up kevin mccarthy s election as speaker, you ll recall, well tonight he is threatening to do it again in a new battle on capitol hill. and, he is here. i m michael, live from new york city, on the day the president joe biden asked americans for another four years. the nation is at risk of a potential economic disaster. thanks to partisan and intra party politics in washington, the u.s. is scheduled to default on its debt, as early as june. something that has never happened before. , and if the nation default, that means massive job losses, almost usher as a recession. federal benefits like social security are at risk, interest rates, what do you pay out of your house, your car, your college loan, they all skyrocket. the stock market, it tumbles, dragging with it your 401 case. i know what you re thinking. you re thinking, michael, we ve seen the movie before.
look, these are programs that the american people rely on. and we ve got to keep our promise to the american people. but the hard truth is social security and medicare are tracking for bankruptcy and the next five or ten years. and under the law, there will be mandatory cuts in social security and medicare. that s why it s incomprehensible to me that joe biden refuses to even have a conversation with members of either political party about some common sense reforms that would put social security and medicare back on a solid foundation. and end this avalanche of debt that were bequeathing to our children and grandchildren. it s also disappointing to me that donald trump s position on entitlement reform is identical to joe biden s. i mean, their policy is insolvency. the truth is, not only are we looking at mandatory cuts in these programs if we don t reform them and improve them, but frankly, dana, the 32
chooses other processes to, really in good faith, negotiate. because it is valid. you and i will disagree on whether we should have spending cuts, versus tax increases, but that is, as you say, the business of government. that is how it supposed to go. should we just be done with this debt ceiling nonsense, for once, and for all? but i would say our focus on spending should be during the appropriations process, the disagreement should have some reforms to use the 12 appropriations bills, so we can compromise on that right there. what if we have an encounter, ali, but as this debt ceiling that allows us to be introspective, we flocked 32 trillion dollar debt ceiling is very big, and the president s budget proposed a 1.9 trillion dollar average increase in deficit spending on average for ten years for 19 trillion total, and we were on the pathway for a 200% gdp ratio which is way too high. it is unsustainable.
republicans? did the deal that he cut to become speaker, limit his options? one of the debt plan holdouts is matt gaye s, yes, the same thorn in mccarthy s side who delayed his election as speaker. the gop congressman of florida, he joins me now. congressman, welcome. back so, when did republicans find religion on spending? , well i think that you have seen a little bit more than a dozen of us never vote for an increase in the debt limit, and so to do so, there has to be substantial downward pressure on spending. we re deeply concerned about a 32 trillion dollar debt. what that means in terms of the dollar, positions, the global reserve currency. and, the extent to which the government spending is driving the very inflation that we were elected to check. so we think joe biden should negotiated, that s what and i think that the american people understand that those negotiations are necessary and divided government. my parents always say that