By Stacy M. Brown | NNPA
(NNPA) – No Labels, a growing national movement of what the organization calls “common sense Americans pushing leaders together to solve the country’s biggest problems,” announced its support of the bipartisan deal that President Joe Biden, House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer, and Senate Minority Leader Mitch McConnell have agreed upon in principle to avoid the United States defaulting on its national debt before the June 5 deadline.
“We have always emphasized that there should be common sense bipartisan solutions to our nation’s problems that are supported overwhelmingly by the majority of the American people,” No Labels National Co-Chairs Joe Lieberman, Larry Hogan, and Dr. Benjamin F. Chavis, Jr., said in a joint statement issued on Sunday, May 28.
Chavis also serves as president and CEO of the National Newspaper Publishers Association, the trade association of the more than 230 African American owned newspapers and media companies in the United States.
After months of uncertainty and verbal sparring, an “agreement in principle” has been reached to spare the United States from its first-ever debt default.
But now comes the hard part: convincing both Democrats and Republicans in Congress to agree to pass the measure.
After President Joe Biden and House Speaker Kevin McCarthy announced that they’d reached an accord to raise the nation’s debt ceiling and avoid a catastrophic default, Congress has just a few days to approve the deal.
Treasury Secretary Janet Yellen said a deal needs ratification by June 5, or the United States would breach its $31.4 trillion debt ceiling.
If approved by Congress, the deal would raise the debt ceiling for two years, punting it to the next administration.
The GOP originally proposed a one-year deal but conceded to Democrats’ demand for two.
In the agreement, spending – except for the military – would remain at 2023 levels for next year, with funds being earmarked for other federal programs.
Biden also agreed to a $10 billion cut to the $80 billion he had earmarked for the IRS to crack down on individuals cheating on their taxes.
Instead, the funds will go to other programs that Republicans sought to cut.
Additionally, with billions remaining from pandemic relief funds unspent, both parties agreed to claw back those funds to the federal government.
“Avoiding America’s default in paying our national debt is vital to the future of our nation. We thank President Biden and Speaker McCarthy for their leadership to achieve the debt ceiling deal,” the No Labels leaders continued.
“We encourage Republican, Democratic and Independent members of both chambers of the US Congress to pass this agreement expeditiously because it is so important for every American.”