Late Wednesday, the House approved the debt ceiling bill, and budget cut package to avoid a default crisis. Further, it is transferred to the Senate.
What is the Complete News?
As US President Joe Biden and Kevin McCarthy assembled a bipartisan coalition of Democrats and Republicans, the House approved the debt ceiling bill. The House did this to veer away from a default crisis.
However, the deal was fought hard and also pleased few. But lawmakers said it was better than the alternative and assessed it. It would be a devastating economic upheaval if Congress failed to act.
Throughout the day, tension was running high as Republicans refused to deal and Democrats claimed that GOP views risked a debt default. With 314-117 votes of the House, the bill is passed to the Senate.
Kevin McCarthy claimed that he was trying to give hope to Americans. He said the bill’s budget cuts were needed to curb Washington’s runaway spending. McCarthy added it is just the beginning, as Republicans said the spending restrictions did not go far enough.
On the other hand, President Biden made a statement that the agreement he negotiated with McCarthy to list the borrowing limit would pass the chamber and avoid any default on America’s debt.
Later, Biden departed to Washington to deliver the US Air Force Academy commencement address. During his speech, Biden said Congress has acted, the House acted, and we’re only one step closer now.
The vote will begin in about an hour and a half, he added. However, Biden worked on sending top White House officials to the Capitol. On the other hand, McCarthy worked to fend off challenges to avert a potentially disastrous US default and sell skepticism to fellow Republicans.
Later, the Senate needs to ensure whether the bill continues to go out to Social Security recipients, veterans, and others. Or if it prevents financial upheaval at home and abroad.
Support
Biden and McCarthy were counting the support from the political center. It concluded that a 99-page bill would restrict spending, suspend the debt ceiling, and change several policies, such as new work requirements for veterans and green lighting an Appalachian natural gas.
If we raise the debt ceiling now, it will ensure the Treasury can borrow to pay incurred US debts. After Democrats piled into deficits with extra spending during the Covid-19 crisis and Biden’s Inflation Reduction Act, Republicans were fighting for budget cuts.
However, Negotiators worked late at night for weeks to strike a deal with the White House.
And McCarthy also worked for a long time to build support among skeptics. However, it was up to McCarthy to turn out 150 Republican votes to pass the bill. It would be two-thirds of the majority of the votes.
218 votes were needed out of 435 in the House for the approval. Jeffries silently raised the green voting card, signaling that Democrats would fill this gap.
What’s Next?
The bill is passed by the House, and now it is in the hands of the Senate. Senate Republican leader Mitch McConnell and the Majority Leader Chuck Schumer are working to create a passage for the bill in the Senate.
Schumer said that there is no room for errors. However, the Senate has always remained on the sidelines during such negotiations. But now the time is different. At this stage, making any changes with so little time would extend Monday’s deadline.
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