https://sputnikglobe.com/20230601/us-house-clears-biden-mccarthy-debt-ceiling-deal-to-avert-default-1110828576.html
US House Clears Biden-McCarthy Debt Ceiling Deal to Avert Default
US House Clears Biden-McCarthy Debt Ceiling Deal to Avert Default
Sputnik International
The US House of Representatives late Wednesday cleared the debt ceiling deal struck over the weekend between US President Joe Biden and House Speaker Kevin McCarthy.
2023-06-01T01:30+0000
2023-06-01T01:30+0000
2023-06-01T01:48+0000
economy
us debt ceiling crisis
us
us house of representatives
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The US House of Representatives late Wednesday cleared the debt ceiling deal struck over the weekend between US President Joe Biden and House Speaker Kevin McCarthy in order to avert a government default in the coming week.The deal, which was met with skepticism by congressional lawmakers - especially hardline conservatives, came down with a 314-117 vote. A total of 71 Republicans and 46 Democrats voted against the measure.Earlier, as McCarthy sought to whip his party to back the deal, reports indicated that tensions had grown so dire that lawmakers were considering bringing a motion to oust the House speaker from his post, which he only gained in January after 15 ballots.Speaking on the House floor, McCarthy told his fellow lawmakers that the lower chamber was "gonna give America hope" by clearing the legislation. "Tonight we're gonna vote for the largest savings in American history, over $2.1 trillion," he said ahead of the vote.Hours before the Wednesday vote, House lawmakers voted 241-187 in favor of bringing the legislation for a vote despite strong pushback by conservatives. A total of 29 Republicans voted with most Democrats against the procedural vote, while 52 Democrats joined the majority in support.
https://sputnikglobe.com/20230529/text-of-us-biden-mccarthy-debt-ceiling-deal-bill-released-1110758898.html
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us house of representatives, debt ceiling deal, us president joe biden, house speaker kevin mccarthy
us house of representatives, debt ceiling deal, us president joe biden, house speaker kevin mccarthy
US House Clears Biden-McCarthy Debt Ceiling Deal to Avert Default
01:30 GMT 01.06.2023 (Updated: 01:48 GMT 01.06.2023) A debt ceiling deal is needed in order for the US to avoid going into default by June 5 at the earliest. At present, the US is running on "extraordinary measures" implemented by the US Treasury Department after hitting its limit in January.
The US House of Representatives late Wednesday cleared the debt ceiling deal struck over the weekend between US President Joe Biden and House Speaker Kevin McCarthy in order to avert a government default in the coming week.
The deal, which was met with skepticism by congressional lawmakers - especially hardline conservatives, came down with a 314-117 vote. A total of 71 Republicans and 46 Democrats voted against the measure.
Earlier, as McCarthy sought to whip his party to back the deal, reports indicated that tensions had grown so dire that lawmakers were considering bringing a
motion to oust the House speaker from his post, which he only gained in January after
15 ballots.
Speaking on the House floor, McCarthy told his fellow lawmakers that the lower chamber was "gonna give America hope" by clearing the legislation. "Tonight we're gonna vote for the largest savings in American history, over $2.1 trillion," he said ahead of the vote.
The legislation will now head to the Senate, where it has the backing of both Majority Leader Chuck Schumer and Minority Leader Mitch McConnell, for immediate consideration.
However, Sen. Rand Paul (R-KY) has pitched a "conservative alternative" amendment, which would overhaul the legislation to further address the debt and government spending.
Hours before the Wednesday vote, House lawmakers voted 241-187 in favor of bringing the legislation for a vote despite strong pushback by conservatives. A total of 29 Republicans voted with most Democrats against the procedural vote, while 52 Democrats joined the majority in support.
Over the weekend, Biden and McCarthy negotiated a deal, dubbed the Fiscal Responsibility Act, to raise the debt ceiling for two years. The proposal also includes limited economic reforms, such as resuming student loan repayment and reclaiming unspent COVID recovery funds.
The Biden-McCarthy plan drew criticism from some Republican members of Congress, who claimed it does not go as far as the House-passed Limit, Save, Grow Act, which also raised the debt ceiling in exchange for cuts to spending.
