US House Passes , Debt Limit Bill , As Default Looms.
On April 26, House Speaker Kevin McCarthy passed
his debt ceiling bill by a narrow margin of 217 to 215. .
NBC reports that the passage of the bill
throws into question whether the United States
will be able to avoid a looming default.
Both the Democratic-controlled
Senate and the Biden administration have
said that they would not approve the bill. .
Both the Democratic-controlled
Senate and the Biden administration have
said that they would not approve the bill. .
However, Republicans believe that
the passage of the bill in the House opens
the door for further negotiation. .
Now he should sit down and negotiate.
We are the only party to take fiscal
action... that would lift the debt limit
so we wouldn’t have economic damage, Kevin McCarthy, Republican House Speaker, via NBC.
NBC reports that the White House has
said it will not compromise on raising
the debt limit with policy strings attached.
According to the Treasury Department, economic
calamity from the U.S. defaulting on its debts could
happen as early as June 5 if Congress fails to act in time.
According to the Treasury Department, economic
calamity from the U.S. defaulting on its debts could
happen as early as June 5 if Congress fails to act in time.
Our plan has always been the same:
to avoid default, to pass a clean
debt ceiling — no brinksmanship,
no hostage-taking. , Chuck Schumer, Democratic Senate Majority Leader, via NBC.
However, Senate Minority Leader Mitch McConnell
suggests that a compromise between both
parties is the only way forward.
The agreement needs to be
reached between the speaker
and the president. Until he and
the speaker of the House reach
an agreement, we’ll be at a standoff, Mitch McConnell, Republican Senate Minority Leader, via NBC