US House Speaker Calls for Support for Debt Ceiling Deal Before Vote – Money Times

President of House of Representatives of to us, Kevin McCarthyHe called on members of his party on Tuesday to support a bipartisan deal to raise the nation’s $31.4 trillion debt ceiling, saying he was likely to support the measure in a key party vote.

The House Rules Committee is expected to hold a vote on Tuesday on whether to move the 99-page bill forward for a vote in the Republican-controlled House. If approved by the House, the bill will move to the Democrat-controlled Senate.

Both are Democratic leaders Joe Biden And Republican House Speaker McCarthy predicted they would get enough votes to pass it before June 5, when the U.S. Treasury Department says it doesn’t have enough money to cover its obligations.

McCarthy called the bill “the most conservative deal we’ve ever made.”

Not all of his political allies agree, and he faces a direct challenge Tuesday from two of the three hard-line Republicans he added to the 13-member rules committee as a condition for his victory in the House Caucus.

But a third, Representative Thomas Massey, said he would support the measure allowing the Republican-majority committee to pass.

“I look forward to the vote on the rule,” Massey said, referring to the measure the committee must pass to clear the way for a vote on the House floor.

Radical Republicans Reps. Chip Roy and Ralph Norman have previously said they would vote against the text unless it was changed to their liking.

The bill aims to raise the U.S. debt ceiling until Jan. 1, 2025, allowing Biden and lawmakers to postpone the politically risky issue until after the November 2024 presidential election.

The legislation would limit some government spending over the next two years, speed up the licensing process for some energy projects, restore unused Covid-19 funds and introduce work requirements for food assistance programs for some poor Americans.

In another win for Republicans, it would claw back some funding from the Internal Revenue Service (IRS), though the White House says tax enforcement should not be affected.

Biden can also point to some successes. The deal leaves its infrastructure programs and green energy laws largely intact, and the spending cuts and job requirements are much smaller than Republicans had hoped.

Republicans have argued that drastic spending cuts are needed to stem the growth of the national debt, which is roughly equivalent to the $31.4 trillion annual output of the economy.