House Republicans pass US debt bill, push Biden on spending
House Republicans narrowly passed sweeping legislation Wednesday that would raise the government's legal debt ceiling by $1.5 trillion in exchange for steep spending restrictions, a tactical victory for Speaker Kevin McCarthy as he challenges President Joe Biden to negotiate and prevent a catastrophic federal default this summer.
Biden has threatened to veto the Republican package, which has almost no chance of passing the Democratic Senate anyway, and the president has so far refused to negotiate over the debt ceiling which the White House insists must be lifted with no strings to .
But McCarthy바카라 게임 웹사이트s ability to swiftly unite his slim majority and bring the measure to passage over opposition from Democrats and even holdouts in his own party gives currency to the Republican speaker바카라 게임 웹사이트s strategy to use the vote as an opening bid forcing Biden into talks. The two men on how to resolve the issue.
The bill passed by a razor-thin 217-215 margin.
바카라 게임 웹사이트We've done our job," McCarthy said at the U.S. Capitol after the vote.
바카라 게임 웹사이트The president can no longer ignore by not negotiating,바카라 게임 웹사이트 he said. 바카라 게임 웹사이트Now he should sit down and negotiate."
As the House debated the measure, Biden on Wednesday indicated he was willing to open the door to talks with McCarthy, but not on preventing a first-ever U.S. default that would shake America's economy and beyond.
바카라 게임 웹사이트Happy to meet with McCarthy, but not on whether or not the debt limit gets extended,바카라 게임 웹사이트 Biden said. 바카라 게임 웹사이트That바카라 게임 웹사이트s not negotiable.바카라 게임 웹사이트
Passage of in the House is only the start of what is expected to become a weekslong political slog as the president and Congress try to work out a compromise that would allow the nation's debt, now at $31 trillion, to be lifted to allow further borrowing and stave off a fiscal crisis.
The nation has never defaulted on its debt, and the House Republican majority hopes to maneuver Biden into a corner with its plan to roll back federal spending to fiscal 2022 levels and cap future spending increases at 1% over the next decade, among other changes.
McCarthy worked nonstop to unite his fractious Republican majority, the 바카라 게임 웹사이트five families바카라 게임 웹사이트 including the conservative Freedom Caucus and others, making post-midnight changes in the House Rules Committee in the crush to win over holdouts.
Facing a revolt from Midwestern Republicans over doing away with biofuel tax credits that were just signed into law last year by Democrat Biden, GOP House members relented and allowed the tax credits to stay on the books in their bill.
바카라 게임 웹사이트Our delegation has stood united for Iowa바카라 게임 웹사이트s farmers and producers fighting to amend the bill to protect biofuels tax credits," said the four House Republicans from Iowa in a joint statement announcing their support for the bill.
Video below: Biden addresses the debt limit during a press conference Wednesday
Republicans also agreed to launch the bolstered work requirements for recipients of government aid, starting in 2024 as proposed by another holdout, Freedom Caucus' Rep. Matt Gaetz, R-Fla. 바카라 게임 웹사이트 who has led previous challenges to McCarthy and ultimately voted against the bill.
Republicans hold a five-seat House majority and faced several absences this week, leaving McCarthy with almost no votes to spare. In the end the speaker lost four Republican no votes, and all Democrats opposed.
바카라 게임 웹사이트This bill is unacceptable, it's unreasonable, it바카라 게임 웹사이트s unworkable, it바카라 게임 웹사이트s unconscionable 바카라 게임 웹사이트 and it바카라 게임 웹사이트s un-American,바카라 게임 웹사이트 said the Democratic leader Hakeem Jeffries of New York. 바카라 게임 웹사이트That바카라 게임 웹사이트s why we oppose it.바카라 게임 웹사이트
Democrats derided the Republican plan as a 바카라 게임 웹사이트ransom note," a 바카라 게임 웹사이트shakedown바카라 게임 웹사이트 and "an unserious bill" that was courting financial danger.
But as McCarthy worked to shore up support, some of the most conservative rank-and-file Republican members who have never voted for a debt ceiling increase in their quest to slash spending said they were preparing to do just that, rallying behind the speaker's strategy to push Biden to the negotiating table.
Rep. Ralph Norman, R-S.C., a member of the Freedom Caucus, said he 바카라 게임 웹사이트wanted double바카라 게임 웹사이트 the deficit savings contained in the bill but would vote for it 바카라 게임 웹사이트because it starts the ball, it gets us in the arena to solve the debt problem.바카라 게임 웹사이트
It바카라 게임 웹사이트s a first big test for the president and the Republican speaker, coming at a time of increased political anxiety about the ability of Washington to solve big problems amid the need to raise the federal debt limit in a matter of weeks.
The Treasury Department is taking 바카라 게임 웹사이트extraordinary measures바카라 게임 웹사이트 to pay the bills, but funding is expected to run out this summer. Economists warn that even the serious threat of a federal debt default would send shockwaves through the economy.
In exchange for raising the debt limit by $1.5 trillion into 2024, the bill would roll back overall federal spending and:
바카라 게임 웹사이트 Claw back unspent COVID-19 funds.
바카라 게임 웹사이트 Impose tougher work requirements for recipients of food stamps and other government aid.
바카라 게임 웹사이트 Halt Biden바카라 게임 웹사이트s plans to forgive up to $20,000 in student loans and
바카라 게임 웹사이트 End many of the landmark renewable energy tax breaks Biden signed into law last year. It would tack on a sweeping Republican bill to boost oil, gas and coal production.
A nonpartisan Congressional Budget Office analysis estimated the Republican plan would reduce federal deficits by $4.8 trillion over the decade if the proposed changes were enacted into law.
Several Republicans from the party's right wing, eager for even stricter spending cuts, said the bill was at least a starting point as they prepared to vote for McCarthy's strategy and bolster his hand in talks with Biden.
Freshman , R-Wis., said: 바카라 게임 웹사이트It바카라 게임 웹사이트s our obligation to get Speaker McCarthy to the table.바카라 게임 웹사이트
Others though, remained noncommittal or flat-out no's.
Rep. Andy Biggs, the former chairman of the Freedom Caucus who voted against the bill, said he had wanted Republicans to do more to end deficit spending. Tim Burchett, R-Tenn., also a "no" vote, said of the nation's nearly $32 trillion in debt, 바카라 게임 웹사이트that바카라 게임 웹사이트s my major concern."
In the Senate, leaders were watching and waiting.
Senate Majority Leader Chuck Schumer said House passage of the legislation would be a 바카라 게임 웹사이트wasted effort바카라 게임 웹사이트 and that McCarthy should come to the table with Democrats to pass a straightforward debt-limit bill without GOP priorities and avoid default.
Senate Republican leader Mitch McConnell, who stepped aside to give McCarthy the lead, said the speaker has been able to unite the House Republicans.
Now, he said, Biden and McCarthy must come to agreement. Otherwise, he said, 바카라 게임 웹사이트We바카라 게임 웹사이트ll be at a standoff. And we shouldn바카라 게임 웹사이트t do that to the country.바카라 게임 웹사이트
In a statement late Wednesday, the White House press Secretary Karine Jean-Pierre said congressional Republicans 바카라 게임 웹사이트must act immediately and without conditions to avoid default. ... That is their job."
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Associated Press writers Josh Boak, Mary Clare Jalonick and Farnoush Amiri contributed to this report.