House Speaker Kevin McCarthy (R–CA) praised the weekend’s developments, in which lawmakers reached a last–minute agreement to avoid the United States’ default on its debt.
McCarthy told Shannon Bream on Fox News’ “Fox News Sunday” on Sunday morning that he believes the agreement is a “step in the right direction” and a victory for conservatives who were able to secure the agreement.
“Maybe it doesn’t do everything for everyone, but this is a step in the right direction that no one thought that we would be able to today,” McCarthy said. “I’ll debate this bill with anybody. Is it everything I wanted? No, because we don’t control all of it. But it is the biggest rescission in history. It is the biggest cut Congress has ever voted for in that process.”
McCarthy held two press conferences Saturday evening and Sunday morning to discuss the agreement.
The Speaker praised the agreement for including spending reductions, reforms that will help people transition out of poverty into the workforce, and more. McCarthy added there are no new taxes or government programs involved.
Furthermore, he revealed the text of the bill will be posted on Sunday and he anticipates a vote to be held on Wednesday.
Treasury Secretary Janet Yellen warned that the federal government risked defaulting on June 5 if an agreement was not finalized.
“We now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspend the debt limit by June 5,” Yellen said on Friday.
However, with the agreement, the debt limit is now suspended until July 31, 2021, which gives Congress plenty of time to analyze the bill and approve it.
The President and lawmakers agree that this agreement is the best solution to avoid default.
“It’s a compromise package, and it’s a direct result of bipartisanship,” Congressman Joe Cunningham (D–SC) said.
McCarthy hopes this agreement will show the American people that politicians from both sides of the aisle can come together to find a sensible solution.
“What we did find was that when politicians wanted to, and when we put our constituents first, we could reach an agreement,” McCarthy said. “And that’s why I urge the House to vote to support it when it comes across the floor.”