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Deal to raise debt ceiling waiting on approval from Congress
2 years ago
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House Speaker Kevin McCarthy released the text of a bill to raise the debt ceiling, as the U.S. government is approaching a default on its debt, which could have catastrophic consequences on the economy. President Biden announced a bipartisan budget agreement with provisions including raising the debt ceiling, cutting non-defense spending, using unspent COVID-19 relief funds, and temporarily expanding work requirements for welfare benefits, but now the challenge lies in convincing members of Congress to support it before the country faces a financial crisis.
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