- By Anthony Zwercher
- North American Correspondent
Texas Republican Chip Roy tried and failed to stop the bill on Tuesday
Despite a handful of hardline Republicans rebelling, a bipartisan deal to raise the US debt ceiling is expected to go to the House of Representatives for a vote on Wednesday night.
If a majority of lawmakers in the House of Representatives approve, the bill will move to the US Senate. Here’s how to watch the drama on Capitol Hill and a guide to what’s coming next.
After months of negotiations, President Joe Biden and Republican House Speaker Kevin McCarthy finally reached an agreement to increase the amount of money the United States can borrow, avoid a national debt default and limit federal spending for the next two years.
Now the pair is busy selling the Weekend Deal to Congress. First, the US House of Representatives, which is set to vote on the deal on Wednesday night. Republican and Democratic leaders there believe that even with a few defections left and right, they have the votes to pass the bill — perhaps by a comfortable margin.
The legislation then goes to the Senate, which poses new challenges to the deal. Unlike the Republican-majority House, Democrats control the Senate with 51 of the 100 seats. Under parliamentary rules, 60 votes are needed to approve most bills – so a mix of Democrat and Republican votes would be needed.
The rules also give senators sweeping powers to slow consideration of a bill by days. With the date when the US will reach its borrowing limit estimated by the US Treasury on Monday, June 5, it leaves little room for error or delay.
Conservative Republican Mike Lee of Utah threatened to use “every procedural tool” to slow down review of the deal. He and other holdout Republicans could be placated if Senate leadership allowed the chamber to vote on changes to the deal.
However, if any of these changes are approved, they could threaten the carefully negotiated balance of the legislation and are certain to delay final approval until after June 5th.
Watch: Debt Ceiling Explained – In Less Than 90 Seconds
Democratic and Republican Senate leaders approve the deal as negotiated and will work to ensure a final vote takes place quickly and that the debt reduction agreement reaches Biden’s desk for his signature into law before default. might happen.
For now, financial markets appear to have calmed down as the prospect of global economic chaos that could result from the world’s largest economy defaulting on its $31.4 billion ($25 billion) debt has faded.
However, that could change as the US approaches its debt deadline on Monday without much progress in Congress. In 2011, the rating agency Standard & Poor’s downgraded the credit rating of the United States when a similar risk situation pushed the country close to its borrowing limit.
The road to selling the business has been bumpy so far. It became clear on Tuesday that some hardline conservatives in the House of Representatives would oppose the deal.
Left-leaning Democrats also complained. They argue that the proposed budget cuts relate exclusively to social programs and oppose new work requirements imposed on some low-income recipients of assistance.
However, die-hard Democrats have been less organized—and less vocal in their objections—than their conservative counterparts.
At a news conference on the steps of the US Capitol on Tuesday, 11 members of the ultra-conservative House Freedom Caucus criticized what they saw as insufficient spending cuts and budget constraints in the centrist legislation.
“This deal has completely failed,” said Congressman Scott Perry, the group’s leader. He said those who supported him would “vehemently oppose the deal and do everything they can to stop it”.
They also dodged when asked if they would call for McCarthy’s impeachment – a move that would deepen the rift among House Republicans.
“No matter what happens, there will be accountability for what just happened unless we stop this bill by tomorrow,” warned Congressman Chip Roy of Texas, another Freedom Caucus member.
There could also be defections in the House and Senate from left-leaning Democrats, who have complained that proposed budget cuts are exclusively for social programs and objected to new work requirements imposed on some low-income aid recipients.
However, die-hard Democrats have been less organized—and less vocal in their objections—than their conservative counterparts.
