“US Committee Clears Path for Debt Deal: Latest News & Updates”

2023-05-31 05:23:00

Wednesday, May 31, 2023

With a slim majority US committee clears path for debt deal

Will the deal between Republican Kevin McCarthy and the US President make it through Congress?

(Foto: picture alliance / Jack Gruber-USA TODAY)

The debt compromise between US President Joe Biden and House Republican leader Kevin McCarthy has cleared an important hurdle. However, the extremely tight vote gives a foretaste of the difficult debate in Congress – a blockade is also possible.

The hard-fought compromise in the debt dispute between the US government and the Republicans cleared its first hurdle the day before. However, the vote was extremely narrow. The Republican-controlled House of Representatives Rules Committee voted 7-6 to introduce the $31.4 trillion debt ceiling bill to the entire Chamber of Congress for a vote today, Wednesday.

A photo of the bill that Joe Biden and Kevin McCarthy negotiated.

(Foto: picture alliance / ASSOCIATED PRESS)

A photo of the bill that Joe Biden and Kevin McCarthy negotiated.

(Foto: picture alliance / ASSOCIATED PRESS)

Debate is likely to be lively as there has been criticism of the agreement from both Republicans and Democrats. Some of the arch-conservatives among the 13 members of the committee had previously announced that they wanted to torpedo the bill. Now the Senate is also supposed to deal with the bill, which could possibly take until the weekend.

Republicans control the House of Representatives, while Biden’s Democrats control the Senate. If both chambers have received the draft in identical form, it is submitted to the President for signature. Treasury Secretary Janet Yellen has warned of default if the bill is not passed by Monday.

US President Joe Biden and the leader of the Republicans in the House of Representatives, Kevin McCarthy, reached a compromise in dramatic negotiations over the weekend to prevent an impending default. The agreement provides for the debt ceiling to be suspended until early 2025. In return, there are limits on government spending for the next two years, as well as savings in certain areas.

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