U.S. Capitol (Photo by Frank Corder 2023)
The legislation faces its first test on Tuesday as lawmakers return from the holiday weekend and the House Rules Committee is set to meet.
Over the Memorial Day weekend, news broke of a debt ceiling deal between President Joe Biden and Speaker Kevin McCarthy. The development comes after weeks of negotiations ahead of the fiscal deadline which is set for later this week.
What’s In It
The Democratic White House and the Republican-led U.S. House hammered out the provisions that will formally be up for debate and vote this week. Text of the legislation was released Sunday. Provisions of the agreements include:
- Suspends the debt limit until January 2025
- Claws back unspent COVID-19 funds
- Rescinds over $1 billion in IRS funding
- Keeps nondefense spending nearly flat for the 2024 fiscal year
- Seeks to limit federal spending growth to 1% per fiscal year
- Requires approval of 12 annual spending bills
- Fully funds veterans’ medical care
- Adjusts work requirements for SNAP and TANF recipients
- Streamlines environmental reviews for energy projects
- Ends the student loan repayment pause
What’s Next
The majority Republican House Rules Committee will meet on Tuesday to outline the parameters for the debt ceiling bill’s floor debate. It is a key test vote for the bill as no rule means no bill. The plan, as of now, is to take the bill up on the House floor on Wednesday.
At this point with lawmakers having been away for the Memorial Day holiday, the bill’s chances remain up in the air. House whips will take on counting votes Tuesday into Wednesday even as President Biden and Speaker McCarthy seek to gain agreement within their parties’ ranks.
However, on its face, if the bill clears the necessary hurdles, the bill stands a solid chance of passing in both chambers.
Hardliners on both sides of the aisle could oppose the compromise legislation but there are likely to be enough votes to move the bill forward despite neither side jumping for joy with every provision.
