The bar was set low for Kevin McCarthy, a newcomer to the speakership, while Joe Biden is an unpopular president who first refused to talk on lifting the debt ceiling. Also, the fact that they are on opposing sides in Washington s political fight makes their feat all the more remarkable
The US House overwhelmingly passed the package which slightly cuts government spending and suspends the debt ceiling till 2025. While both sides are unhappy, the Republicans are far more upset than the Democrats with some Freedom Party members already bringing up removing Speaker Kevin McCarthy
US Treasury Secretary Janet Yellen has updated the country's debt default deadline to June 5. US Treasury Secretary Janet Yellen has updated the country's debt default deadline to June 5.
The threat of a US default was raised a notch on Friday after a "pause" in debt ceiling talks between the White House and the Republican opposition as the two sides wrangle with deep disagreements.