BREAKING The House voted to pass a debt ceiling and budget cuts package on Wednesday night, a crucial step in averting a potential default just days away.
The 99-page bill would suspend the nation's debt limit through 2025 to avoid a federal default while limiting government spending.More Videos
Speaker of the House Kevin McCarthy, R-Calif., leaves the chamber after passage of a procedural vote at the Capitol in Washington, Wednesday, May 31, 2023.McCarthy insisted his party was working to "give America hope" as he launched into a late evening speech extolling the bill's budget cuts, which he said were needed to curb Washington's "runaway spending."
"God willing by the time I land, Congress will have acted, the House will have acted, and we'll be one step closer," he said. That wasn't quite the case - the vote began about an hour and a half after Biden arrived in Colorado. Overall, the 99-page bill restricts spending for the next two years, suspends the debt ceiling into January 2025 and changes some policies, including imposing new work requirements for older Americans receiving food aid and greenlighting an Appalachian natural gas line that many Democrats oppose. It bolsters funds for defense and veterans.Raising the nation's debt limit, now $31 trillion, ensures Treasury can borrow to pay already incurred U.S. debts.
The speaker has faced a tough crowd. Cheered on by conservative senators and outside groups, the hard-right House Freedom Caucus lambasted the compromise as falling well short of the needed spending cuts, and they vowed to try to halt passage.
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