A handful of far-right Republican lawmakers said Monday they would oppose the bill. handle Raising the U.S. $31.4 trillion debt ceiling suggests a bipartisan deal could face an uphill road through Congress before U.S. funding runs dry next week.
Despite expectations, opponents said Democratic President Joe Biden and Republican leader Kevin McCarthy would have to get over the bill for the Republican-controlled House and Democratic-controlled Senate to pass it. It shows a hurdle that should not be
2024 Republican presidential candidate Ron DeSantis, Florida Gov. Ron DeSantis, said the deal wasn’t enough to change the fiscal trajectory. “Even after this deal, our country will still go bankrupt,” he told Fox News.
Still, supporters expect the bill to pass Congress before the U.S. runs out of money to pay bills, with the Treasury Department saying it will happen on June 5.
Republican Rep. Dusty Johnson said, “This case will definitely pass. There is no doubt about it,” and said he had spoken with dozens of his colleagues.
Biden said he was also on the phone. “I feel good. Let’s see when the voting starts,” he told reporters.
of 99 page bill Suspending the debt limit until January 1, 2025, lawmakers can shelve politically risky issues until after the November 2024 presidential election. Over the next two years, it will impose limits on some government spending.
On Tuesday, when the House Rules Committee takes up the bill, it will have a crucial first test as a necessary first step toward a vote in the House plenary session. The committee usually works closely with House leadership, but McCarthy has forced some skeptical conservatives to join him in exchange for winning the Speaker’s gavel.
One such conservative, Rep. Chip Roy, said on Tuesday he would not support the bill.
“This is not a good deal, at best we have about $4 trillion in debt with a two-year spending freeze and no real policy reforms,” Roy said on Twitter.
Another committee member, Ralph Norman, has already announced his opposition to the deal.
McCarthy told reporters on Monday that he wasn’t worried about the prospects for the package at the committee.
In the Senate, Republican Mike Lee has also spoken out against the bill, which could make it difficult to vote because any member of Congress has the power to delay action for a few days. Democrats control the Senate 51-49.
McCarthy expects to attract the majority of Republicans who control the House of Representatives between 222 and 213 seats. House Democratic leader Hakeem Jeffries said he expects support from his side, but many of his left-wingers may vote “no” as well.
Rep. Raul Grijalva, a progressive Democrat, said on Twitter that the bill’s changes to environmental regulations were “embarrassing and very disappointing.”
Grijalva mentioned elements of the bill that would speed up the licensing process for some energy projects. The bill would also recover unused COVID-19 funds and tighten labor requirements for the Food Assistance Program for Poor Americans.
White House officials have said some of the money will be transferred from the Internal Revenue Service, which collects the tax. Do not undermine enforcement in a few days.
initial the reaction was positive Financial markets would be thrown into chaos if the United States were unable to pay for the securities that form the basis of the global financial system.
But some investors are wary that spending cuts secured by Mr. McCarthy could weigh on U.S. growth. Investors are also preparing for potential volatility in the U.S. bond market.
Republicans argue that drastic spending cuts are needed to curb the $31.4 trillion increase in the national debt, roughly equivalent to annual economic output.
Government projections show that interest payments on this debt will take up a larger share of the budget in coming decades as an aging population drives up health care and retirement costs.
The agreement will not curb a rapidly growing program. Most of the savings will come from restricting spending on housing, border control, scientific research and other forms of domestic programs. “Discretionary” spending. An increase in military spending will be allowed over the next two years.