{"id":114489,"date":"2023-05-29T07:45:55","date_gmt":"2023-05-29T04:45:55","guid":{"rendered":"https:\/\/tietopankki.crnet.fi\/fi\/news\/us-debt-ceiling-democrats-and-republicans-agree-deal-in-principle-joe-biden-says\/"},"modified":"2023-05-29T07:45:55","modified_gmt":"2023-05-29T04:45:55","slug":"us-debt-ceiling-democrats-and-republicans-agree-deal-in-principle-joe-biden-says","status":"publish","type":"post","link":"https:\/\/tietopankki.crnet.fi\/en\/news\/us-debt-ceiling-democrats-and-republicans-agree-deal-in-principle-joe-biden-says\/","title":{"rendered":"US debt ceiling: Democrats and Republicans agree deal in principle, Joe Biden says"},"content":{"rendered":"<div class=\"mp_wrapper\">\n  <div class=\"mepr-unauthorized-message\">\n    <p>You are unauthorized to view this page.<\/p>\n  <\/div>\n  <div class=\"mepr-login-form-wrap\">\n            \n<div class=\"mp_wrapper mp_login_form\">\n                  <!-- mp-login-form-start -->     <form name=\"mepr_loginform\" id=\"mepr_loginform\" class=\"mepr-form\" action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\" method=\"post\" data-trp-original-action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\">\n            <div class=\"mp-form-row mepr_username\">\n        <div class=\"mp-form-label\">\n                              <label for=\"user_login\">Username<\/label>\n        <\/div>\n        <input type=\"text\" name=\"log\" id=\"user_login\" value=\"\" \/>\n      <\/div>\n      <div class=\"mp-form-row mepr_password\">\n        <div class=\"mp-form-label\">\n          <label for=\"user_pass\">Password<\/label>\n          <div class=\"mp-hide-pw\">\n            <input type=\"password\" name=\"pwd\" id=\"user_pass\" value=\"\" \/>\n            <button type=\"button\" class=\"button mp-hide-pw hide-if-no-js\" data-toggle=\"0\" aria-label=\"Show password\">\n              <span class=\"dashicons dashicons-visibility\" aria-hidden=\"true\"><\/span>\n            <\/button>\n          <\/div>\n        <\/div>\n      <\/div>\n            <div>\n        <label><input name=\"rememberme\" type=\"checkbox\" id=\"rememberme\" value=\"forever\" \/> Remember Me<\/label>\n      <\/div>\n      <div class=\"mp-spacer\">&nbsp;<\/div>\n      <div class=\"submit\">\n        <input type=\"submit\" name=\"wp-submit\" id=\"wp-submit\" class=\"button-primary mepr-share-button\" value=\"Log In\" \/>\n        <input type=\"hidden\" name=\"redirect_to\" value=\"\/en\/wp-json\/wp\/v2\/posts\/114489\" \/>\n        <input type=\"hidden\" name=\"mepr_process_login_form\" value=\"true\" \/>\n        <input type=\"hidden\" name=\"mepr_is_login_page\" value=\"false\" \/>\n      <\/div>\n    <input type=\"hidden\" name=\"trp-form-language\" value=\"en\"\/><\/form>\n    <div class=\"mp-spacer\">&nbsp;<\/div>\n    <div class=\"mepr-login-actions\">\n        <a\n          href=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/?action=forgot_password\"\n          title=\"Click here to reset your password\"\n        >\n          Forgot Password        <\/a>\n    <\/div>\n\n      \n    <!-- mp-login-form-end --> \n  <\/div>\n      <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<div class=\"smart_content_wrapper\">\n<p>\nPresident Joe Biden and his Republican opponents have announced they have agreed in principle to raise the US debt ceiling and avert a default. President Joe Biden described the agreement as a &#8220;compromise&#8221;, while House Speaker Kevin McCarthy said it &#8220;was worthy of the American people&#8221;. The deal, after weeks of bitter negotiations, still needs to be approved by a divided Congress. The Treasury has warned the US will run out of money on 5 June without a deal.<\/p>\n<p>The US must borrow money to fund the government because it spends more than it raises in taxes. Republicans have been seeking spending cuts in areas such as education and other social programmes in exchange for raising the $31.4tn (\u00a325tn) debt limit. Details of the tentative deal have not officially been released &#8211; but CBS, the BBC&#8217;s partner in the US, reported that non-defence government spending would be kept flat for two years and then rise by 1% in 2025. It was unclear how exactly a government programme that provides food-purchasing assistance for people on low or no incomes would change.<\/p>\n<p>In a statement, President Biden described the agreement as a compromise which was good for the country &#8220;because it prevents what could have been a catastrophic default and would have led to an economic recession, retirement accounts devastated, and millions of jobs lost&#8221;. Mr McCarthy, for his part, referred to &#8220;historic reductions in spending, consequential reforms that will lift people out of poverty into the workforce&#8221;. Mr McCarthy added that he planned to finish writing the bill on Sunday, before having a vote in Congress on Wednesday.<\/p>\n<p>But he faces a challenge to push it through the House, where it may be opposed by some diehards among both Republicans and Democrats. On Sunday, Republican Representative Chip Roy of Texas said in a tweet he and some others were &#8220;going to try&#8221; to stop it passing.<\/p>\n<p>A US recession would have big knock-on effects for many countries around the world, for which the US is a key trading partner &#8211; they would not be able to sell to an economy that does not buy as much. And because the US dollar is the reserve currency of the world, a default would send panic across the world, eventually leading to prices of many commodities rising.<\/p>\n<p>Source: <a rel=\"noopener\" href=\"https:\/\/www.bbc.com\/news\/world-us-canada-65736734\">BBC<\/a><\/p>\n<\/div>\n<p>The post <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\/csr-news-en\/us-debt-ceiling-democrats-and-republicans-agree-deal-in-principle-joe-biden-says\/\">US debt ceiling: Democrats and Republicans agree deal in principle, Joe Biden says<\/a> appeared first on <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\">Vastuullisuusuutiset.fi<\/a>.<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[9887,555,569,5297,574],"class_list":["post-114489","post","type-post","status-publish","format-standard","hentry","category-news","tag-ceiling","tag-csr-news-en","tag-deal","tag-dept","tag-us"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/114489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/comments?post=114489"}],"version-history":[{"count":0,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/114489\/revisions"}],"wp:attachment":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/media?parent=114489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/categories?post=114489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/tags?post=114489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}