WASHINGTON: A Bill to suspend the US government's US$31.4 trillion debt ceiling and avert a disastrous default cleared a key procedural hurdle in the House of Representatives on Wednesday (May 31), setting the
cleared a key procedural hurdle in the House of Representatives on Wednesday , setting the stage for a vote on the bipartisan debt deal itself.
McCarthy predicted that the next vote, expected around 0030 GMT , would succeed, telling reporters:"It's going to become law."The legislation would suspend the US debt ceiling through Jan 1, 2025, meaning that there would not be a limit until that date, allowing Biden and lawmakers to set aside the politically risky issue until after the November 2024 presidential election.
A successful House vote would send the Bill first to the Senate, where there could be a danger of delay unless Senate Majority Leader Chuck Schumer and Republican leader Mitch McConnell agree to fast-track the legislation. During Tuesday's debate in the House Rules Committee, hardline Republican Representative Chip Roy complained that the greater budget savings many conservatives had hoped for had not been achieved.Late on Tuesday, the non-partisan Congressional Budget Office said the legislation would result in US$1.5 trillion in savings over a decade.
White House Budget Director Shalanda Young, who was one of Biden's lead negotiators, urged Congress to pass the Bill. Republicans have argued that steep spending cuts are necessary to curb the growth of the national debt, which at US$31.4 trillion is roughly equal to the annual output of the economy.
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