US House Passes Debt Limit Bill As Default Looms

US House Passes Debt Limit Bill As Default Looms

US House Passes , Debt Limit Bill , As Default Looms. On April 26, House Speaker Kevin McCarthy passed his debt ceiling bill by a narrow margin of 217 to 215.

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NBC reports that the passage of the bill throws into question whether the United States will be able to avoid a looming default.

Both the Democratic-controlled Senate and the Biden administration have said that they would not approve the bill.

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Both the Democratic-controlled Senate and the Biden administration have said that they would not approve the bill.

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However, Republicans believe that the passage of the bill in the House opens the door for further negotiation.

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Now he should sit down and negotiate.

We are the only party to take fiscal action... that would lift the debt limit so we wouldn’t have economic damage, Kevin McCarthy, Republican House Speaker, via NBC.

NBC reports that the White House has said it will not compromise on raising the debt limit with policy strings attached.

According to the Treasury Department, economic calamity from the U.S. defaulting on its debts could happen as early as June 5 if Congress fails to act in time.

According to the Treasury Department, economic calamity from the U.S. defaulting on its debts could happen as early as June 5 if Congress fails to act in time.

Our plan has always been the same: to avoid default, to pass a clean debt ceiling — no brinksmanship, no hostage-taking.

, Chuck Schumer, Democratic Senate Majority Leader, via NBC.

However, Senate Minority Leader Mitch McConnell suggests that a compromise between both parties is the only way forward.

The agreement needs to be reached between the speaker and the president.

Until he and the speaker of the House reach an agreement, we’ll be at a standoff, Mitch McConnell, Republican Senate Minority Leader, via NBC