US debt ceiling clears key hurdle in the House
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The bipartisan agreement to raise the $31.4trn US debt ceiling forged by President Joe Biden and House Speaker Kevin McCarthy passed a final vote in the House of Representatives on Wednesday.
The bill, which will also implement new federal spending cuts, cleared the chamber with 314 votes in favour of the legislation. It now heads to the Senate.
The narrowness of its passage from committee, which saw two Republicans break ranks to oppose it, underscored the need for Democrats to help it pass the House, where Republicans hold a slim majority of 222 to 213.
After 29 Republicans voted against the rules bill, Democrat lawmakers stepped in and added their votes to ensure that hurdle too was overcome.
Full congressional approval is required before Monday 5 June, when the Treasury Department could run out of funds to pay its debts for the first time in American history.
Party leaders have expressed confidence they will get enough votes to prevail but, should they fail, the Treasury might not be able to cover its payments, or be forced to prioritise, triggering economic chaos.
What you need to know about the debt ceiling bill?
Weeks of sniping back-and-forth between the White House and the Republican majority in the House of Representatives has finally yielded a deal: America will not default on its debt obligations, should Congress successfully pass the legislation this week.
The new compromise both touches on Republican priorities while also safeguarding Joe Biden’s legislative accomplishments.
As we inch closer to the debt limit deadline, John Bowden explains what leaders in Washington have come up with to break the deadlock.
'We’ll get it fixed in two years.': Trump responds to debt ceiling deal
Former president Donald Trump, in his first response to the debt ceiling deal passing, said he plans to get it "properly fixed" in two years, while also praising Kevin McCarthy for getting "something done".
Speaking at WHO radio in Des Moines, Iowa, as lawmakers were wrapping up debate on the House floor before the vote, the former president was asked what he thought about the deal.
“Well, it is what it is," he said in response, according to NBC news.
“It has passed. And I guess I knew it was going to passed … but we’ll get it properly fixed in two years,” Mr Trump added, as the deal was about to be passed.
Host Simon Conway asked Mr Trump about his statement earlier that he’d allow the country to default if there weren’t significant spending cuts.
Mr Trump said: “Well, I would have done that."
"I think it was an opportunity, but they got something done. Kevin [McCarthy] worked really hard," he added.
"I would have taken a different stance, but it’s done. … We’ll get it fixed in two years."
McCarthy suggests he'll push for more cuts and work requirements now
At a news conference, Kevin McCarthy suggested that his intention is to pursue additional spending cuts and implement new work requirements leveraging the fact that Democrats have voted for them in the broader debt ceiling deal.
"I think it’s wonderful that they voted for it, because they are now on record, so they can’t sit there and yell, 'This isn’t good.' So I’ll bring something back," he said.
"Let’s get the rest of the IRS agents, let’s get the rest of the work requirements, let’s cut more, because we are in a big debt," Mr McCarthy said.
"This is fabulous. This is one of the best nights I’ve ever been here. I thought it would be hard. I thought it’d be almost impossible just to get to 218. Now I've found there’s a whole new day here. We’ve woken them up."
Vote divides California’s Senate candidates
As our correspondent on the ground in the Capitol Wednesday evening points out here, the debt ceiling compromise may become an issue in the California Senate race after two of the leading Democratic candidates voted against the bill — while one, Rep Adam Schiff, supported it.
Dan Bishop: Say goodbye to a unified GOP caucus
As the reactions roll in following the House’s passage of the debt ceiling hike, it’s becoming clearer and clearer that Kevin McCarthy has something to worry about.
“He’s blown Republican unity to smithereens,” said Rep Dan Bishop, a conservative member, of the Speaker. “You can put that in terms of trust… It’s just something that is functionally destroyed.”
Conservative: My voters want me to oust McCarthy
If Kevin McCarthy is resting on his laurels after Wednesday evening’s vote, he should listen to what House conservatives are saying about his future.
Rep Ken Buck put it plainly to reporters after the debt ceiling compromise passed:
“My constituents are furious and you know what’s so interesting about the calls in the district? They are not only ‘vote against this bill,’ but they are ‘take McCarthy out.’”
Biden issues statement on deal passage
President Joe Biden released a statement on Wednesday shortly following the passage of his compromise on the debt ceiling with Kevin McCarthy.
“Tonight, the House took a critical step forward to prevent a first-ever default and protect our country’s hard-earned and historic economic recovery. This budget agreement is a bipartisan compromise. Neither side got everything it wanted. That’s the responsibility of governing. I want to thank Speaker McCarthy and his team for negotiating in good faith, as well as Leader Jeffries for his leadership,” said the president.
“This agreement is good news for the American people and the American economy. It protects key priorities and accomplishments from the past two years, including historic investments that are creating good jobs across the country. And, it honors my commitment to safeguard Americans’ health care and protect Social Security, Medicare, and Medicaid. It protects critical programs that millions of hardworking families, students, and veterans count on,” his statement continues.
“I have been clear that the only path forward is a bipartisan compromise that can earn the support of both parties. This agreement meets that test. I urge the Senate to pass it as quickly as possible so that I can sign it into law, and our country can continue building the strongest economy in the world.”
McCarthy: ‘This is one of the best nights I’ve ever been here'
House Speaker Kevin McCarthy projected an image of a politician on a victory lap at a late-night press conference Wednesday evening following the successful vote, and pledged to bring more funding cuts to the House floor for votes in the days ahead.
Maxwell Frost comments on debt ceiling after voting for compromise legislation
Rep Maxwell Frost, a freshman congressman from Florida, spoke with The Independent after breaking with some other progressives and voting in favour of the debt ceiling compromise.
“It's a bill that, yes, it's gonna it's going to harm people and that's unfortunate but the Republicans put us in that situation,” he said.
He further contended that voters would be thinking about the concessions that Mr McCarthy extracted — including permitting reform for fossil fuel projects — come 2024.
McCarthy snipes at Biden for weeks of stalemate
House Speaker Kevin McCarthy offered a brief comment to reporters after the vote passed Wednesday evening in which he urged Joe Biden to continue to negotiate with Republicans.
"I just hope he doesn't sit back and ignore people when they want to work with you,” he said.
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2023-06-01 07:30:14Z
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