WASHINGTON (Pakistan Point News / Sputnik - 31st May, 2023) The US House Rules Committee advanced a deal between US President Joe Biden and House Speaker Kevin McCarthy to raise the United States' debt ceiling in exchange for limited cuts to government spending, sending the legislation to the full chamber for consideration.
The panel advanced the bill, dubbed the Fiscal Responsibility Act, on Tuesday evening in a vote of 7-6. The legislation is now slated for consideration by the full House on Wednesday, where it still faces opposition from members of the House Freedom Caucus and other Republicans.
The Rules Committee advanced the legislation while McCarthy met with House Republican colleagues to discuss concerns about the bill, which some members criticize for not going as far as the previously passed Limit, Save, Grow Act.
The bill, negotiated by Biden and McCarthy over the weekend, raises the debt ceiling for two years in exchange for limited cuts to government spending and other fiscal reforms, including reclaiming unspent COVID recovery funding and resuming student loan payments.
The proposal is backed by Biden, McCarthy and Senate Majority Leader Chuck Schumer. The Senate is set to begin consideration of the bill immediately following passage by the House. However, Senator Rand Paul has proposed a "conservative alternative" to the legislation, which would amend the bill to further address government spending.
