WASHINGTON (Pakistan Point News / Sputnik - 01st June, 2023) The US House of Representatives on Wednesday advanced a rule to allow for the consideration of legislation to raise the United States' debt ceiling in exchange for limited fiscal reforms, following negotiation of the deal by US President Joe Biden and House Speaker Kevin McCarthy.
House lawmakers advanced the rule in a vote of 241-187, paving the way for a passage vote later in the evening. A total of 29 Republicans voted with most Democrats against the rule, while 52 Democrats joined the majority in support.
Over the weekend, Biden and McCarthy negotiated a deal, dubbed the Fiscal Responsibility Act, to raise the debt ceiling for two years. The proposal also includes limited economic reforms, such as resuming student loan repayment and reclaiming unspent COVID recovery funds.
The Biden-McCarthy plan drew criticism from some Republican members of Congress, who claimed it does not go as far as the House-passed Limit, Save, Grow Act, which also raised the debt ceiling in exchange for cuts to spending.
The bill, if passed by the House, will then go to the Senate for immediate consideration. The bill is backed by Senate Majority Leader Chuck Schumer, although Senator Rand Paul has pitched a "conservative alternative" amendment, which would overhaul the legislation to further address the debt and government spending.
