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US House Passes Debt Ceiling Bill in Tactical Victory for Kevin McCarthy | US Politics

House Republicans Wednesday narrowly passed sweeping legislation that would raise the government’s legal debt ceiling by $1.5 trillion in exchange for tougher spending limits, a tactical victory for the House Speaker. Kevin McCarthy He calls on Joe Biden to negotiate and prevent a devastating federal debt default this summer.

Biden has threatened to veto the Republican package and has little chance of passing the Senate in the meantime. Democratic Party majority.

The president has so far refused to negotiate a debt ceiling, which the White House argues must be lifted without strings to ensure the United States pays the bill.

But McCarthy’s ability to quickly unite a small majority in the House and pass a bill that passes opposition from Democrats, and even holding out for his own party, will use the vote as the first bid to force Biden to negotiate. The two men could not be further apart on how to solve this problem.

The bill passed by a narrow margin of 217 to 215.

“We got the job done,” McCarthy said after the vote.

“The president can no longer ignore the issue of federal spending limits,” he said. “Now he should sit down and negotiate.”

When the House debated the move, Biden indicated he was willing to open the door to negotiations with McCarthy, but not about preventing the first-ever US debt default that would shake the US economy and beyond. I didn’t.

“I’m happy to see McCarthy, but whether the debt ceiling will be extended is out of the question,” Biden said. “It’s non-negotiable.”

Passage of the sprawling 320-page package through the House of Representatives is expected to be a political slogan for weeks as the president and Congress seek to come up with a compromise that will allow the nation’s debt of now $31 trillion. It’s just the beginning. It will be lifted to allow further borrowing and avoid a financial crisis.

The country has never defaulted, and a Republican majority in the House plans to cut federal spending to fiscal 2022 levels and make changes, including limiting future spending increases to 1% over the next decade And hopes to put Biden in a tight spot.

Instead of raising the debt ceiling by $1.5 trillion by 2024, this bill would reduce overall federal spending and:

  • Get back your unused Covid-19 funds.

  • Imposing stricter labor requirements for food stamps and other government aid recipients.

  • Stop Biden’s plan to forgive up to $20,000 in student loans.

  • Biden signed into law last year to end many of the landmark renewable energy tax cuts. It will support a comprehensive Republican bill to increase oil, gas and coal production.

Democrats derided the Republican plan as a “ransom note,” a “shakedown,” and a “less serious bill” aimed at financial danger.

This is the first major move for the president and Republican chairman at a time of heightened political uncertainty about whether Washington can solve the big problem amid the need to raise the federal debt ceiling in the coming weeks. It becomes an ordeal.

The Treasury Department is taking “special measures” to pay the bills, but the funds are expected to run out this summer. Economists warn that even a serious threat of federal debt default would send shockwaves through the economy.

Joe Biden indicated on Wednesday that he was ready to open the door to a meeting with the Speaker of the House. Photo: Alison Bailey/NurPhoto/Shutterstock

A bipartisan Congressional Budget Office analysis estimates that the Republican plan would cut the federal deficit by $4.8 trillion over 10 years if the proposed changes were enacted into law.

In the Senate, the leaders watched and waited.

Senate Majority Leader Chuck Schumer said passing the bill in the House was a “futile effort” and McCarthy passed a simple debt limit bill with no Republican priorities and negotiated with Democrats to avoid a default. said it should.

Senate Republican Chief of Staff Mitch McConnell stepped down to lead McCarthy, but the speaker said he was able to unite the House. Republican.

Now Biden and McCarthy have to come to an agreement, he said. otherwise, he said. And we shouldn’t do that to our country. ”

Summarize this content to 100 words House Republicans Wednesday narrowly passed sweeping legislation that would raise the government’s legal debt ceiling by $1.5 trillion in exchange for tougher spending limits, a tactical victory for the House Speaker. Kevin McCarthy He calls on Joe Biden to negotiate and prevent a devastating federal debt default this summer.Biden has threatened to veto the Republican package and has little chance of passing the Senate in the meantime. Democratic Party majority.The president has so far refused to negotiate a debt ceiling, which the White House argues must be lifted without strings to ensure the United States pays the bill.But McCarthy’s ability to quickly unite a small majority in the House and pass a bill that passes opposition from Democrats, and even holding out for his own party, will use the vote as the first bid to force Biden to negotiate. The two men could not be further apart on how to solve this problem.The bill passed by a narrow margin of 217 to 215.”We got the job done,” McCarthy said after the vote.”The president can no longer ignore the issue of federal spending limits,” he said. “Now he should sit down and negotiate.”When the House debated the move, Biden indicated he was willing to open the door to negotiations with McCarthy, but not about preventing the first-ever US debt default that would shake the US economy and beyond. I didn’t.”I’m happy to see McCarthy, but whether the debt ceiling will be extended is out of the question,” Biden said. “It’s non-negotiable.”Passage of the sprawling 320-page package through the House of Representatives is expected to be a political slogan for weeks as the president and Congress seek to come up with a compromise that will allow the nation’s debt of now $31 trillion. It’s just the beginning. It will be lifted to allow further borrowing and avoid a financial crisis.The country has never defaulted, and a Republican majority in the House plans to cut federal spending to fiscal 2022 levels and make changes, including limiting future spending increases to 1% over the next decade And hopes to put Biden in a tight spot.Instead of raising the debt ceiling by $1.5 trillion by 2024, this bill would reduce overall federal spending and:
Get back your unused Covid-19 funds.
Imposing stricter labor requirements for food stamps and other government aid recipients.
Stop Biden’s plan to forgive up to $20,000 in student loans.
Biden signed into law last year to end many of the landmark renewable energy tax cuts. It will support a comprehensive Republican bill to increase oil, gas and coal production.
Democrats derided the Republican plan as a “ransom note,” a “shakedown,” and a “less serious bill” aimed at financial danger.This is the first major move for the president and Republican chairman at a time of heightened political uncertainty about whether Washington can solve the big problem amid the need to raise the federal debt ceiling in the coming weeks. It becomes an ordeal.The Treasury Department is taking “special measures” to pay the bills, but the funds are expected to run out this summer. Economists warn that even a serious threat of federal debt default would send shockwaves through the economy.Joe Biden indicated on Wednesday that he was ready to open the door to a meeting with the Speaker of the House. Photo: Alison Bailey/NurPhoto/ShutterstockA bipartisan Congressional Budget Office analysis estimates that the Republican plan would cut the federal deficit by $4.8 trillion over 10 years if the proposed changes were enacted into law.In the Senate, the leaders watched and waited.Senate Majority Leader Chuck Schumer said passing the bill in the House was a “futile effort” and McCarthy passed a simple debt limit bill with no Republican priorities and negotiated with Democrats to avoid a default. said it should.Senate Republican Chief of Staff Mitch McConnell stepped down to lead McCarthy, but the speaker said he was able to unite the House. Republican.Now Biden and McCarthy have to come to an agreement, he said. otherwise, he said. And we shouldn’t do that to our country. ”
https://www.theguardian.com/us-news/2023/apr/26/us-house-debt-ceiling-bill-passed-kevin-mccarthy US House Passes Debt Ceiling Bill in Tactical Victory for Kevin McCarthy | US Politics

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