US President Biden, Republican leader McCarthy confident of debt ceiling deal's approval in Congress

President Joe Biden and Republican leader Kevin McCarthy said they were confident of pushing a debt crisis deal through Congress and avoiding a cataclysmic default, despite skepticism from some lawmakers on both sides of the aisle.

While the tentative agreement reached Saturday, Biden yesterday said he would speak to McCarthy to make sure that they pay great attention to every small detail in a task.

The next step would be a legislative text that can be scrutinized by party members before a vote in the House of



Representatives that McCarthy has scheduled for Wednesday.

But all the while the clock is still ticking down to the 5th of next month when the Treasury estimates the cash to pay bills and debts will begin to run out.

A default would likely have catastrophic consequences, triggering a US recession and risking a global economic meltdown. The basic framework of the deal suspends the federal debt ceiling, which is currently 31.4 trillion dollars, for two years.