Agreement on the US public debt ceiling at the main gate

Agreement on the US public debt ceiling at the main gate

Jun 01, 2023

Washington [US], June 1: US congressional leaders are campaigning for support for a deal to raise the public debt ceiling in the face of opposition from conservative and progressive lawmakers.
Yesterday, the US House of Representatives Rules Committee voted to approve the rule allowing the public debt ceiling bill to be brought to the full House for discussion and vote on the evening of May 31 (this morning, June 1, according to Vietnam time), according to CNN.
Decisive challenge
The bill, officially known as the Fiscal Responsibility Act, came about after several rounds of intense negotiations between President Joe Biden 's representatives and House Speaker Kevin McCarthy.
Under the agreement, the US will suspend the public debt ceiling of $31.4 trillion for two years, in return for controlling spending during the same period, and some changes in subsidy policy, student debt and other contents. other. Although it has passed the first hurdle, the bill needs urgent approval by the House and Senate before June 5, when the Treasury Department warned that the US could default on its debt.
Republicans are in control of the House of Representatives with 222 out of 435 seats and need at least 218 votes to pass it. Republican leaders predict the number of members of this party to oppose is 40 to 60 people. On the Democratic side, progressive lawmakers have expressed displeasure over the new standards related to subsidy programs, but party leaders say they have the necessary votes for the bill to be approved. passed in the event that opposition in the Republican Party is substantial, according to AFP.
House Democrat leader Hakeem Jeffries said: "I expect House Republicans to keep their word and get at least 150 votes, because it's related to the deal that they negotiate. Democrats will make sure. America won't default." Mr. McCarthy shakes the seat of Speaker of the House ?
On May 30, a group of more than 20 conservative Republican senators announced they would oppose the bill and accused McCarthy of compromising without achieving his promised goals. "No Republican should vote for this deal. It's a bad deal," Representative Chip Roy said at a news conference.
Mr. Roy and his allies even threatened to ask for a vote of no confidence to remove Mr. McCarthy from the Speaker of the House if the bill passed. Under the new rules adopted by Mr. McCarthy to become Speaker of the House earlier this year, it only takes a Republican congressman to request a vote to proceed. Representative Matt Gaetz warned that if the debt ceiling bill passed in the House without the support of a majority of Republicans, the request to remove Mr. McCarthy would be immediately triggered. Hill.
Meanwhile, Representative Patrick McHenry, McCarthy's ally and direct negotiator with the White House, confirmed that he was not worried about the chair of the chairman, and emphasized that the best deal had been reached. maybe.
According to estimates by the US Congressional Budget Office (CBO), the new bill will help reduce the federal budget deficit expected by $1.5 trillion over the next 10 years if enacted without any amendments.
In the event that the House passes, the new bill can be voted on by the Senate as early as the next day. Leaders of both parties in the Senate have expressed support for the bill. According to AP, senators are asking for some more amendments, but the change at this time is considered unlikely because it is close to the 5.6 deadline. Deputy Treasury Secretary Wally Adeyemo yesterday called on Congress to act quickly or the US will face default for the first time in history.
Source: ThanhNien Newspaper