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America escaped bankruptcy, both major parties are celebrating victory

At the press conference held on Sunday, Kevin McCarthy stated that although the Republicans did not get everything they expected, the Democrats had to retreat much more. The Republican Speaker of the House emphasized that the government will withdraw the 2023 increase in the budget of the federal tax authority, which means a saving of 1.8 billion dollars, and the remaining amount of the fund created to mitigate the impact of the coronavirus epidemic will also be returned to the budget. At the same time, the politician thanked the negotiating delegation of the White House, with which, according to him, they were able to conduct constructive negotiations despite the differences of opinion.

McCarthy also stated in a television interview on Sunday morning that the Congress will be able to vote on the largest budget spending reduction of all time.

He confirmed that the vote in the House of Commons can take place no earlier than 72 hours after the final text of the bill is prepared.

Kevin McCarthy referred to the promise he made when he was elected Speaker, that at least 3 days should pass for all laws in order to give MPs time to read and consider the draft legislation before voting.

Several members of the Republican group in the House of Representatives said in advance that it would be difficult for them to vote for the agreement, because it is insufficient in terms of Republican demands.

President Joe Biden issued a statement on Saturday evening that the White House negotiating delegation had reached an agreement in principle on the budget. The president called the agreement an important step toward reducing state spending while protecting important programs available to working people and ensuring economic growth. He added that the agreement protects his presidential political priorities as well as the results achieved so far by congressional Democrats, and also makes it clear that the settlement is a compromise, which means that “not everyone got everything they wanted.”

The president called the deal good news for the American people because it would help avert a catastrophic default that would have led to an economic downturn, a drain on retirement savings and the loss of millions of jobs.