We Have A Deal: U.S. House Passes The Debt Ceiling Bill
Many seek to fast-track debt ceiling bill through Senate ahead of June 5th deadline.
On Wednesday evening, the U.S. House voted to pass the 99-page bill to raise the debt ceiling for the 79th time in the history of the United States.
A default has been avoided, but the debt crisis has just gotten worse.
The vote total was 314 for, 117 against. Republicans voted for the bill by a 149-71 margin, while Democrats approved with a 165-46 vote.
McCarthy said after the vote:
“Tonight we all made history, because this is the biggest cut and savings this Congress has ever voted for.”
The main highlights of the new agreement are:
Timeline: The agreement suspends the current $31.4 trillion deal ceiling until January 1st, 2025. This move allows the government to continue borrowing as much as it deems necessary to cover its expenses.
Internal Revenue Service Funding: The agreement effectively halts a quarter of previously allocated funds that would be used to hire new IRS agents. Only $20 billion will be cut from the original $80 billion dollar budget planned for the IRS; the $20 billion will be routed toward other non-defense related programs. Thus, the IRS will receive $60 billion dollars to fund its previously announced objectives.
Student Loans: Both sides agreed that a pause on student-loan repayments will end in August.
COVID Funds: Approximately $30 billion of unspent COVID funds will be returned and re-purposed.
Energy Projects: The agreement allows fossil fuel and green energy projects to obtain license permits easier. Republicans advocate for an increase in funding to improve or create gas pipelines, while Democrats seek more funds to be invested into renewable sources.
Given the time constraints, the Senate isn’t expected to object and appear to want to fast-track the bill. Mitch McConnell even urged the Senate to pass the bill without delay:
However, following the news of the House passing the bill virtually unanimously, several Senators openly expressed their concerns on social media and promised to challenge it when the bill is presented in the Senate on Thursday.
It should be interesting to see how the voting progresses as the previously announced deadline of June 5 is only 4 days away.
Yeah, it passed. Only victory here is that House won the vote. Little to reduce debt, and frankly, it amounts to nothing more then spend on. Folks going to hang their hat on 2024 when in 2022 we blew it. Our country is going to experience difficult times over the next 18mos+ and you’ve highlighted many of them in your videos. Thanks Lena.
No one should put China or the Feds in control of our money or monetary system..that would say to all Americans that it's a mean of controlling our finances and privacy ...I would say chuck China and the Feds and foreign control of our banking system.