by Nicholas Ballasy
The GOP-led House is expected to vote Wednesday on the legislation resulting from a compromise between House Speaker Kevin McCarthy and President Joe Biden on the debt limit.
Senate Majority Leader Chuck Schumer and Senate Republican Leader Mitch McConnell were also involved in the negotiations.
McCarthy said the bill claws back billions of unspent COVID stimulus funds and achieves “consequential work requirements to welfare programs to lift Americans out of poverty and grow the economy.”
According to the full text of the Fiscal Responsibility Act, the debt ceiling would be lifted by about $4 trillion through Jan. 1, 2025, domestic spending would revert to fiscal year 2022 levels and “top line federal spending” is limited to 1% growth for the next 6 years.Â
The original House-passed bill that Republicans supported had increased the ceiling by $1.5 trillion and it contained similar spending reforms.
Some conservatives are criticizing the compromise bill for not doing enough to reduce current federal spending levels, given the record deficit and national debt.
“The Fiscal Irresponsibility Act fails to cut spending and continues to fund the Democrats’ and Biden Administration’s radical agenda,” said Montana GOP Rep. Matt Rosendale. “Montanans did not send me to Washington to support business as usual, which is why I will be voting AGAINST the Fiscal Irresponsibility Act.”
According to House Majority Leader Steve Scalise’s office, the House will reconvene on Tuesday evening to debate the bill and the final vote is expected on Wednesday.
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Nicholas Ballasy has been breaking news for more than a decade in the nation’s capital and questioning political leaders about the most pressing issues facing the nation. Since 2008, Ballasy has interviewed former President Bill Clinton, House Speaker Nancy Pelosi, former President Donald Trump, and many more.
