Washington frets about a crucial vote to prevent a default on debt

Before a pivotal Wednesday night vote, US officials scrambled to gather support for a bipartisan agreement to increase the national debt ceiling and prevent the country from experiencing its first-ever default.

Just five days remain for Congress to approve a deal between Republicans and Democrats to increase borrowing limits and guarantee that the US doesn’t default on any loans, which could throw the US and global economy into a potentially disastrous tailspin.

The Fiscal Responsibility Act must get a simple majority to pass the 435-member Republican-controlled House of Representatives and go to the Senate. It was negotiated between Republican Speaker Kevin McCarthy and Democratic President Joe Biden.

Numerous Republicans have already voiced disapproval, upset that the spending reductions planned to go along with a two-year suspension of the debt limit are far less than what they agreed to in a package approved by the House last month.

McCarthy called the agreement the “largest cut in American history” on Wednesday. I wouldn’t want to miss out on history if I were in Congress.

But the suggestion was rejected by Chip Roy, a prominent member of the hard-right Freedom Caucus.

“No Republican should support this agreement. It’s a lousy offer. Nobody instructed us to come here and borrow an extra $4 trillion for nothing in return, added Roy.

Biden maintained a positive tone despite the Republican opposition, saying “things are going as planned.”

White House Press Secretary Karine Jean-Pierre said, “We believe this is going to get out of the House tonight (and) the president will have a statement” at that point. President Bush is certain.

Hakeem Jeffries, the House Democratic leader, pleaded with Republicans to uphold their promise to “produce 150 people for the resolution that they themselves negotiated.”

“And when that happens, Democrats are going to make sure that there is no default,” he said.

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According to a tentative House timetable, the floor vote is scheduled at roughly 8:30 tonight (00:30 GMT Thursday).

The deal would increase funding for veterans and the military while maintaining expenditure levels through 2024. It would also recover $28 billion in unapplied Covid assistance.

Importantly, it will then set a one percent rise ceiling until the year after the presidential election, benefiting Biden by preventing a repetition of the crisis at the height of his reelection campaign.

The federal food stamp program and safety net programs would have more work requirements, but Republicans’ demands for significant changes to government health care are not included.

Republican strategists were certain that the complaints from the right were not shared by the party as a whole.

Elise Stefanik, chair of the Republican Conference, told reporters that “members from all across the conference shared their support for this important bill” once it reached the floor for a vote.

According to her, it was “an historic step to restoring fiscal sanity and holding Washington accountable.”

However, a group of at least 20 Republicans have said they would be against the agreement, accusing McCarthy of surrendering to the White House and assuring that he will need Democratic support to pass the agreement.

Republican disagreements

Congressman Dan Bishop, who accused the party leader of “lying” about the terms of the arrangement, told reporters he had “zero” faith in McCarthy and promised to seek for his removal.

A “motion to vacate the chair” may be introduced by any legislator; this was a compromise McCarthy made with the Republican hard right in exchange for their support in his speakership campaign in January.

The plan requires 218 votes to pass the House, and the Republican leadership anticipates that between 40 and 60 of its 222 members will vote against it.

The increased labor requirements that will be implemented into government assistance programs while companies and the wealthy are being asked to pay no more in taxes have angered left-leaning politicians.

The compromise, according to the left-leaning Center on Budget and Policy Priorities, was a “significant improvement” over the House-passed version, but critics said it would leave elderly, low-income Americans hungry and “should be rejected.”

The Treasury has issued a warning that the government would be unable to pay its debt commitments if the borrowing cap is not raised by June 5.