JUST IN: House narrowly passes GOP debt limit bill, putting Biden on defense for refusal to negotiate
In the 217-to-215 vote, nearly every House Republican voted to raise the debt limit by $1.5 trillion until May 2024 while slashing spending by $4.8 trillion. The vote passed by a razor-tight margin, as Mr. McCarthy can only lose four votes on any single House bill before having to rely on Democrats.
The bill cuts federal spending by $130 billion for the upcoming fiscal year and limits budget growth to 1% annually over the next decade. It also would rescind at least $90.5 billion in unspent pandemic relief, cancel Mr. Biden’s student loan forgiveness program, and scrap green energy tax credits passed by Democrats last year.
Mr. Biden has similarly said he will veto the measure if it reaches his desk. The president has refused to negotiate with House Republicans on raising the debt limit, saying both Democrats and Republicans helped create the more than $31 trillion national debt. Conservatives aligned with the House Freedom Caucus threatened to oppose the bill unless work requirements were upped from 20 hours to 30 hours per week for people to receive Medicaid, food stamps, and direct cash payments. They also wanted requirements to kick in next year rather than in 2025, as initially provided for within the bill.
“We’re done negotiating, and we’re going to get this bill through,” House Republican Conference Vice Chairman Mike Johnson, Louisiana Republican, said Tuesday. “I think we’re close. No changes.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
White House says Biden would veto House Republicans' debt ceiling billThe White House called the bill a 'reckless attempt to extract extreme concessions as a condition for the United States simply paying the bills it has already incurred.'
Read more »
Biden promises to veto House GOP’s debt limit billThe White House said Tuesday that President Biden would veto the House GOP’s debt limit bill if it managed to pass the Democrat-controlled Senate and reached the president’s desk.
Read more »
Biden threatens to veto House GOP plan to address debt limitPresident Biden is threatening to veto House Republicans’ “extreme' bill to address the debt limit, warning GOP lawmakers their measure could cause a recession and urging them to “take default off the table.'
Read more »
House Republicans prep for debt vote; Biden open to meetingWhile President Biden is looking for higher taxes on the wealthiest citizens, McCarthy favors sharp spending cuts to help lower the country's debt.
Read more »
Biden threatens to veto House GOP bill to raise debt ceiling, slash spendingOn Tuesday, President Biden threatened to veto legislation being pushed by House Republican leaders that would condition support for raising the debt ceiling on deep spending cuts
Read more »
GOP’s Debt-Ceiling Proposal: Where Do Republicans Want to Cut Spending?The House is set to vote this week on a Republican bill that would raise the nation’s $31.4 trillion borrowing limit in exchange for deep cuts to government spending. Here's where the GOP wants to slash spending.
Read more »