“It's just a small step putting us on the right track.”
United States Speaker of the House Kevin McCarthy (R-CA) on the debt ceiling bill which is expected to be voted on in the House on Wednesday night.
may 31, 2023
McCarthy later continued, "Everybody has a right to their own opinion. But on history, I'd want to be here with this bill today."
Big Picture: Over the weekend, U.S. House Republicans and President Joe Biden reached a tentative deal suspending the debt ceiling (AKA the max amount of money the U.S. can borrow to fund government operations). This agreement would suspend the nation's debt limit until 2025 (strategically after the upcoming presidential election); some Republicans argue it does not cut back on government spending enough, while some Democrats criticize parts of the agreement, such as tighter work requirements for food stamps.
Looking Ahead: The deal remains in limbo until it is approved by the House and Senate. If no deal is reached? The U.S. could default on some of its debt payments – something it has never done before. The House is expected to vote on the bill this evening. The New York Times explains McCarthy "must cobble together a coalition of Republicans willing to back it and enough Democrats to make up for what was shaping up to be a substantial number of G.O.P. defections."
Dissenting Perspective: Rep. Nancy Mace (R-S.C.) argues the bill is "a wash spending-wise," and said on Tuesday, "that's not what the American people deserve. They deserve better, they deserve spending cuts, they deserve the federal government to live within its means."
Debt Ceiling Live Updates: House Begins Debating Debt Limit Deal (The New York Times)