2023-06-01 02:15:08
Kevin McCarthy, Speaker of the United States House of Representatives, celebrates the passage of the bill in the House.
The US House of Representatives approved a fiscal responsibility bill to raise the US debt ceiling.
The law passed following 314 members supported it, 165 Democrats and 149 Republicans, and 117 rejected it.
The bill was referred to the Senate for discussion and a vote on Thursday.
On Tuesday, the Rules Committee in the House of Representatives approved the draft law, following marathon negotiations, by one vote.
Days before the US government started running out of money, a tentative agreement was reached on raising the borrowing limit and saving the country from a catastrophic default.
US President, Democrat Joe Biden and Republican House Speaker Kevin McCarthy announced the news following weeks of budget negotiations.
And many members of the Democratic and Republican camps confirmed that they would not vote in favor of the draft agreement.
Democrats objected to provisions that tighten federal food aid restrictions for low-income people and student loan repayments, while hardline Republicans complained that they got too few concessions in return for raising the debt limit.
The United States may default on its federal debt for the first time in its history on the fifth of June, if action is not taken that ends this agreement with real legislation that will avoid the country from this disaster.
And there are predictions of global financial chaos if the US Congress cannot agree on a deal.
Both Democratic and Republican leaders in the Senate are working to ensure that the bill reaches Biden’s desk for signature this weekend before a default occurs.
The last time the US came close to exceeding its debt ceiling was in 2011, when credit agency Standard & Poor’s downgraded the country, a move that has yet to be reversed.
The main criticism among Republicans came from supporters of former President Donald Trump, who called for more cuts in spending.
Chip Roy from Texas undertook to do the math on the bill
Nancy Mays, Republican of South Carolina, who has pledged to vote “no”, told the BBC her party “didn’t get any of this”.
Emanuel Cleaver, a Missouri Democrat, said he would vote for the bill.
Victory for Speaker McCarthy
Anthony Zurcher
North America Correspondent
Kevin McCarthy managed to get Joe Biden and undecided Democrats to the negotiating table by passing a bill that raises the debt limit but includes a list of conservative priorities.
And he was able to hold his party together following he struck a less ambitious deal with the president that modestly slashed growth in federal spending and added some new conditions on helping low-income Americans.
That was not enough for a group of ultra-conservatives, some of whom hinted that they would unseat McCarthy and force new elections for Speaker of the House.
But by Wednesday, even the most ardent troublemakers had backed away from their rhetoric. And when it came time to vote, a majority of Republicans approved McCarthy’s deal.
While the extremists may grumble, they clearly do not have the level of support they would need to replace McCarthy, or even any idea of who would replace him.
The draft agreement provides for raising the public debt ceiling for the United States for a period of two years, that is, until following the presidential elections in 2024.
On the other hand, it imposes a limit on some expenditures, except for military expenditures, to keep them stable in 2024, with an increase of 1% in 2025.
The nonpartisan Congressional Budget Office said on Tuesday that the legislation would generate $1.5 trillion in savings over a decade.
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