The bill negotiated by US President Joe Biden and House Speaker Kevin McCarthy to raise the United States' debt ceiling continues to face challenges in the Senate following its passage by the House Wednesday evening, as the upper chamber squares up for critical votes on the legislation as soon as Thursday
WASHINGTON (Pakistan Point News / Sputnik - 01st June, 2023) The bill negotiated by US President Joe Biden and House Speaker Kevin McCarthy to raise the United States' debt ceiling continues to face challenges in the Senate following its passage by the House Wednesday evening, as the upper chamber squares up for critical votes on the legislation as soon as Thursday.
"The Senate could still stop the Biden-McCarthy deal. Even if all 51 Democrats were to vote for it, it would still fail if at least 41 Senate Republicans were to oppose cloture (i.e. bringing debate to a close)," US Senator Mike Lee said on Wednesday in a statement via Twitter.
The legislation is backed by both Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell. However, senators from both parties have come out in opposition to the bill, as well as independent Bernie Sanders.
The deal, dubbed the Fiscal Responsibility Act, would raise the US debt ceiling for two years in exchange for limited fiscal reforms, such as resuming student loan repayment and reclaiming unspent COVID relief funds.
Republican Senator Josh Hawley came out in opposition to the bill, citing a lack of measures in the legislation to address structural trade deficits with China. Democrat colleague Jeff Merkley also issued a statement opposing the bill, pointing to environmental review reforms for fossil fuel projects.
Moreover, Senator Rand Paul said on Thursday that he will insist on consideration of an amendment that would overhaul the bill, including replacing the two-year debt ceiling raise with a $500 billion increase and expanding discretionary spending caps to cover total spending.
"I will insist on an amendment vote to enact REAL spending caps that lead to a balanced budget in 5 years," Paul said in a statement via Twitter.
However, Paul predicted that all Democrats, as well as approximately half of Republicans, would oppose his amendment.
Blocking the Biden-McCarthy deal in the Senate may be a "long shot," Lee said. Nevertheless, the situation is possible if more Republicans conclude that McCarthy got "played" by Biden, Lee added.
The US risks defaulting on its financial obligations as soon as June 5 if lawmakers do not finalize a deal to raise the debt ceiling, according to the Treasury Department.
