Debt Hike Vote Dodges Default but Raises Ire
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Debt Hike Vote Dodges Default but Raises Ire
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McCarthy and Biden knocked out a debt ceiling bill, skirting default for now, but anger brews on both left and right.
From Washington Examiner. The House voted on Wednesday to raise the debt ceiling, marking the first step toward avoiding economic catastrophe just five days before the Treasury‘s deadline for default.
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Lawmakers easily passed the Fiscal Responsibility Act in a 314-117 vote, with 165 Democrats joining 149 Republicans to back the legislation. The bill, a bipartisan compromise crafted by Speaker Kevin McCarthy (R-CA) and the White House, now heads to the Senate. …
The vote comes after a massive whip operation by both parties, with Minority Leader Hakeem Jeffries (D-NY) delivering McCarthy the support needed to get the bill across the finish line. Although the deal imposes modest spending cuts, most Democrats considered backing the measure to be preferable to default.
Conservatives and even some McCarthy loyalists joined with progressives in opposing the deal.
The bill’s passage marks a major win for McCarthy and follows a monthslong standoff with the White House considered to be the biggest test of his early speakership yet. …
“Tonight, we all made history because this is the biggest cut and savings Congress has ever voted for,” McCarthy [said]. …
The crossover votes handed McCarthy a win, teeing up its final passage, but it also angered the hard-line conservatives who say it raises questions about the speaker’s loyalty to his own conference. …
“It confirms that Speaker McCarthy capitulated on nearly every front during negotiations with the Biden White House,” Rep. Andy Biggs (R-AZ) told the Washington Examiner. …
McCarthy has brushed off the possibility of his ouster, with his leadership team insisting he got the best deal possible under a divided government. …
The bill proposes suspending the nation’s debt ceiling until Jan. 1, 2025, in effect putting off another debt ceiling showdown until after the 2024 presidential election. Conservatives opposed setting a date rather than a dollar amount for the borrowing limit, arguing it gives Washington a blank check.
Other provisions in the deal, which roughly sets a two-year freeze on discretionary spending, would reclaim unspent COVID-19 relief, reduce funding for the IRS, and restart student loan payments.
As expected, no one emerged from negotiations with everything they wanted. But each side claimed victory as Democratic and Republican leadership sought to sell the deal to their membership and the public.
… One of the top wins for Biden was preserving Medicaid from additional work requirements.
… McCarthy touted how Republicans were able to get Biden to the negotiating table after he refused for months. …
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(Excerpt from Washington Examiner. Photo Credit: Getty Images)
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Father, the many of our Senators and Representatives have no idea that we have overspent. To them, the government always has money because we have taxpayers! I pray they would begin to respect the taxpayers and realize as we continue to overspend, we continue to grow weaker. May they see the need for a balanced budget.