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| 20 July 2024, Saturday |

US House passes debt ceiling bill to avert default

A bipartisan bill to increase the debt ceiling of the United States government to $31.4 trillion (€29.4 trillion) has been successfully passed by the US House of Representatives.
The House Rules Committee, which determines the scheduling of bills for consideration on the floor of the House, voted 7-6 to allow the bill to advance to the full chamber.
Two committee Republicans — ultra-conservatives who wanted deeper spending cuts — had gone against their leadership by opposing the bill.
During the vote, two Republican hardliners joined four left-wing Democrats in opposing the deal, ahead of an estimated June 5 deadline, to prevent the country from defaulting on its debt. The left wing of the Democratic Party is unhappy that Biden made any concessions at all on spending limits.
The bill still needs lawmakers’ support in the voting round expected to take place on Wednesday in the House of Representatives.
Approval by both the House and the Senate would also allow the government to pay social security recipients, veterans, and employees in the public sector.
Details of the deal outlined in the 99-page bill would limit government spending over the next two years.
What lies ahead for the US debt ceiling deal?
Since the prospects of finding totally satisfied lawmakers are slim, Biden and McCarthy are eyeing support from the political center, which is quite rare in US politics.
The bill needs some 218 votes for passage in the 435-member House.
House Democratic leader Hakeem Jeffries said, “Democrats will make sure that the country does not default.”
The chances of finding support for the bill from the far-right are slight. “This deal fails, fails completely, and that’s why these members and others will be absolutely opposed to the deal,” Republican Scott Perry said.
“We will do everything in our power to stop it.”

    Source:
  • DW