House Set to Vote on Debt Limit Bill Amid Republican Resistance
Follow for live updates as the House prepares for a vote on the debt limit deal.
Speaker Kevin McCarthy toiled on Wednesday to lock down the votes to pass his deal with President Biden to suspend the debt ceiling and set federal spending limits, as a stream of defections from hard-right lawmakers raised the stakes for a climactic set of votes on the package.
With the nation’s first-ever default looming in days, the House was on track to begin consideration on Wednesday afternoon of a plan to defer the nation’s borrowing limit for two years — allowing the government to borrow unlimited sums as necessary to pay its obligations — in exchange for two years of spending caps and a string of policy concessions that Republicans demanded.
To muster a 218-vote majority to push the bill through the closely divided House, congressional leaders must cobble together a coalition of Republicans willing to back it and enough Democrats to make up for what was shaping up to be a substantial number of G.O.P. defections. Mr. McCarthy and his lieutenants predicted they would be able to do so and scheduled a final vote for Wednesday night, well after markets have closed.
The deal would suspend the $31.4 trillion borrowing limit until January 2025. It would cut federal spending by $1.5 trillion over a decade, according to the Congressional Budget Office, by effectively freezing some funding that had been projected to increase next year and then limiting spending to 1 percent growth in 2025, which is considered a cut because it is a lower level than inflation. The legislation would also impose stricter work requirements for food stamps, claw back some funding for I.R.S. enforcement and unspent coronavirus relief money, speed the permitting of new energy projects and officially end Mr. Biden’s student loan repayment freeze.
Source: The New York Times
