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Saturday, September 30, 2023

Republican Revolt Grows as US Default Deadline Approaches

Following a deal reached between President Joe Biden and House Speaker Kevin McCarthy on the US debt ceiling, McCarthy now faces a challenge from within his own party.

The agreement has drawn criticism from some rank-and-file Republicans, particularly from the right-wing Freedom Caucus, including allies of former President Donald Trump.

However, McCarthy expressed confidence in gaining enough support from Republican members, stating that around 95% of them were enthusiastic about the deal.

He also anticipated support from some Democrats, emphasizing that the agreement was a positive step forward for the American public.

A high-stakes vote on the matter is expected in the lower chamber of Congress on Wednesday, with the US projected to run out of funds to meet its obligations by the following Monday.

  1. Debt Ceiling Pact: President Biden’s ability to secure bipartisan deals will be solidified with the debt ceiling pact, although there are associated drawbacks.
  2. Market Closures: Financial markets in the US are closed for Memorial Day, while the UK observes the Spring Bank Holiday, and various countries in Europe celebrate the Whit Sunday public holiday.
  3. Inauguration of Nigeria’s New President: Former Lagos governor Bola Tinubu is being inaugurated today as Nigeria’s new president, following contested elections in February. He faces significant challenges, including addressing insecurity issues and revitalizing a stagnant economy.

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