Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Politics

Biden says budget deal reached, takes ‘catastrophic default’ off the table

by May 29, 2023
May 29, 2023
Biden says budget deal reached, takes ‘catastrophic default’ off the table

President Biden said Sunday the bipartisan budget agreement reached with House Speaker Kevin McCarthy has taken the ‘threat of catastrophic default off the table.’ 

The final agreement, reached earlier Sunday, comes with just days to spare before a potential first-ever government default. 

‘[The deal] represents a compromise, which means no one got everything they wanted. But that’s the responsibility of governing,’ Biden said. ‘The agreement prevents the worst possible crisis and default for the first time in our nation’s history.’ 

When asked what he had to say to members of his own party who said he needed to make concessions in the deal, Biden said: ‘They’ll find, I didn’t.’ 

The days ahead will determine whether Washington is again able to narrowly avoid a default on U.S. debt, as it has done many times before, or whether the global economy enters a potential crisis.

In the United States, a default could cause financial markets to freeze up and spark an international financial crisis. Analysts say millions of jobs would vanish, borrowing and unemployment rates would jump, and a stock-market plunge could erase trillions of dollars in household wealth. It would all but shatter the $24 trillion market for Treasury debt.

Support from both parties will be needed to win congressional approval before a projected June 5 government default on U.S. debts. Lawmakers are not expected to return to work from the Memorial Day weekend before Tuesday, at the earliest, and McCarthy has promised lawmakers he will abide by the rule to post any bill for 72 hours before voting.

The Associated Press contributed to this report. 

Bradford Betz is a Fox News Digital breaking reporter covering crime, political issues, and much more. 

This post appeared first on FOX NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
House Republican dismisses ‘colorful conservatives’ upset over debt ceiling deal: ‘Going to pass’
next post
Never Short a Dull Market; AI is Sexy, But Everyone Hates Oil

You may also like

More NYC migrants in city shelters than homeless...

June 29, 2023

JONATHAN TURLEY: Defiant billionaire Bezos could radically change...

October 30, 2024

Happening Today: Idaho Victims of Pandemic Policy &...

September 26, 2022

PHOTOS: Trump pleads not guilty on federal charges...

June 14, 2023

Flashback: Oprah Winfrey once called Trump a ‘folk...

August 22, 2024

Not Minnesota nice: GOP congressman playing Tim Walz...

September 26, 2024

‘Energetic’ Trump an ‘inspiration’ after assassination attempt; Vance...

July 16, 2024

Herzog signals Israel ready for another cease-fire in...

December 20, 2023

Fox News Poll: Obama, RFK Jr., and Taylor...

October 17, 2024

Kamala Harris matches record for most tie-breaking votes...

July 14, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved