The United States government is currently facing a debt crisis as it approaches the debt ceiling. Fortunately, a deal was made between the White House and Republican House Speaker Kevin McCarthy, which would suspend the debt cap until after the next presidential election in 2024. Many lawmakers are racing to vote in favor of the deal, as the Treasury Secretary warned that the government may run out of money by June 5th if the debt ceiling is not raised in time. The compromise must pass both the House and the Senate if it is to become law before next week.
Several key provisions in the deal include capping discretionary spending for two years and tightening requirements for some social programs. It also includes funding cuts for the Internal Revenue Service and speeds up authorizations for major energy and infrastructure projects. A majority of members of the powerful House Rules Committee were expected to advance the bill on Tuesday, paving the way for a decisive vote in the plenum as early as Wednesday.
However, a growing number of lawmakers from both parties have spoken out against the deal, raising the stakes for what could be a biting vote on the House floor. Several members of the Freedom Caucus, a group of hard-line Republican lawmakers, have threatened to invoke a “vacation motion,” or vote of no confidence, against McCarthy if he does not heed their calls to abandon the deal. Republicans control the House by a very slim margin, so McCarthy must rely on a critical mass of support from House Democrats to push the bill through.
Many progressive lawmakers have questioned whether Biden gave Republicans too much during the talks. Pramila Jayapal, a House Democratic member chairing the Congressional Progressive Caucus, said her group was counting votes before deciding whether or not to take an “official position.” Leaders of the New Democrat Coalition, a more centrist group of Democratic lawmakers, issued a statement on Monday encouraging their members to support the deal.
Chip Roy, a Republican congressman from Texas, recently spoke out against the deal in an interview with radio host Glenn Beck on Tuesday. He stated that if the debt ceiling becomes law, “then we’ll have to band together and rethink the whole leadership arrangement.” It remains unclear how many Democrats will back the compromise deal in a House vote.
The Congressional Budget Office, a government agency that analyzes the legislation’s impact for lawmakers, said late Tuesday the deal would cut deficits by $1.5 billion over the next decade, compared to current projections. While conservative opponents of the deal will see that number as too small, it could reassure mainstream and moderate Republicans who lean towards supporting the deal.
In conclusion, the bipartisan deal to raise the U.S. debt ceiling is poised to clear its first major legislative hurdle in the House of Representatives. However, a growing number of lawmakers from both parties have spoken out against the deal, raising the stakes for what could be a biting vote on the House floor. The compromise must pass both the House and the Senate if it is to become law before next week.
The debt crisis in the US and the recent bipartisan deal highlights the importance of fiscal responsibility and the need for government systems that can function effectively in times of crisis. Such crises often generate multiple perspectives, and it is important to weigh all opinions and come to an informed decision. It is also important to have a good understanding of the debt crisis in the US and the implications of failing to raise the debt ceiling. As such, policymakers must ensure they take a measured approach that is sustainable, forward-looking, and accountable to all Americans.
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A bipartisan deal to raise the U.S. debt ceiling was poised to clear its first major legislative hurdle in the House of Representatives on Tuesday, as lawmakers race to vote in favor of the deal and avoid a default.
The White House and Republican House Speaker Kevin McCarthy reached an agreement the weekend that would suspend the debt cap until after the next presidential election in 2024. It caps discretionary spending for two years, tightens requirements for some social programs, cuts funding for the Internal Revenue Service and speeds up authorizations for major energy and infrastructure projects .
A majority of members of the powerful House Rules Committee were expected to advance the bill late Tuesday, paving the way for a decisive vote in the plenum as early as Wednesday. Going through the rules committee was to go to Thomas Massie, the Republican congressman from Kentucky, who said earlier Tuesday that he “expects[d]” vote to move the case forward.
The compromise must pass both the House and the Senate if it is to become law before next week. Treasury Secretary Janet Yellen warned that the federal government run out of money june 5th if the debt ceiling is not raised in time.
The White House and McCarthy both expressed optimism that their deal would be approved by both houses of Congress. But a growing number of lawmakers from both parties have spoken out against the deal, raising the stakes for what could be a biting vote on the House floor.
Earlier on Tuesday, hardline Republican lawmakers vowed to “do everything” in their power to prevent the bill from becoming law.
Scott Perry, a right-wing congressman from Pennsylvania who chairs the House Freedom Caucus, said McCarthy had “completely failed[ed] to deliver” its mandate to “hold the line” in negotiations with the White House.
Perry and other hardliners have defended McCarthy’s opening bet in the negotiations – the Limit, Save, Grow Act – which would have raised the debt ceiling until next year with deep spending cuts and a rollback of some of President Joe Biden’s biggest policies such as canceling student debt.
In front of 10 fellow Republicans who joined in his attacks on the deal, Perry said: ‘These members and others will be absolutely opposed to the deal and we will do everything in our power to stop it and get there. end now.”
Perry stopped short of calling on McCarthy to lose his job over the deal, but his comments put pressure on the president as he seeks to shore up his support.
Republicans control the House by a very slim margin. With more than a dozen party members publicly declaring they would vote against the deal, McCarthy must rely on a critical mass of support from House Democrats to push the bill through.
Many former McCarthy critics have applauded the lawmaker – who was elected president in January despite fierce opposition from members of his own party – for his handling of the debt ceiling issue.
But several members of the Freedom Caucus have threatened to invoke a “vacation motion,” or vote of no confidence, against McCarthy if he does not heed their calls to abandon the deal.
Chip Roy, a Republican congressman from Texas, told radio host Glenn Beck on Tuesday that if the debt ceiling becomes law, “then we’ll have to band together and rethink the whole leadership arrangement.”
It remains unclear how many Democrats will back the compromise deal in a House vote. Many progressive lawmakers have questioned whether Biden gave Republicans too much during the talks.
Pramila Jayapal, a House Democratic member who chairs the Congressional Progressive Caucus, said her group was counting votes before deciding whether or not to take an “official position.” Leaders of the New Democrat Coalition, a more centrist group of Democratic lawmakers, issued a statement on Monday encouraging their members to support the deal.
The Congressional Budget Office, a government agency that analyzes the legislation’s impact for lawmakers, said late Tuesday the deal would cut deficits by $1.5 billion over the next decade, compared to current projections. . While conservative opponents of the deal will see that number as too small, it could reassure mainstream and moderate Republicans who lean towards supporting the deal.
Additional reporting by Colby Smith
https://www.ft.com/content/1e96c667-6beb-4af9-855f-c85935f169dc
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