The House approved an agreement by President Joe Biden and Speaker Kevin McCarthy to suspend the nation's debt ceiling and avoid a catastrophic default on the nation’s debt. The 'Fiscal Responsibility Act' now goes to the Senate for a vote.
pushing the legislation past opposition from liberal Democrats and hardline conservative Republicans.
It would also keep nondefense spending discretionary spending – which does not include Social Security and Medicare – roughly flat for 2024 and raise it by 1% in 2025. About $30 billion in unspent coronavirus relief money would be rescinded. Billions of dollars in recently approved funding for the IRS to improve customer service and go after tax cheats would be redirected to other areas.Biden, who departed Wednesday afternoon on Air Force One for Colorado Springs, Colo.
"We find ourselves tonight with an agreement that we might not love because it's not about perfection," Neal said."There is give and take to negotiation." "It is a bad deal. No one sent us here to borrow an additional $4 trillion to get absolutely nothing in return," said Rep. Chip Roy, R-Texas, at a Tuesday news conference with other Freedom Caucus members, warning of a"reckoning" to come over House leadership.
Liberals also opposed a provision in the bill that expedites permitting for oil and gas drilling by fast-tracking environmental reviews and creating new deadlines for litigation that often hold up such projects. The bill green-lights the Mountain Valley Pipeline, a controversial 300-mile natural gas pipeline in West Virginia backed by Sen. Joe Manchin, D-W.Va.
But Rep. Lloyd Doggett, D-Texas, suggested going into default would be worse than the concessions Democrats gave up in the bill."Protecting our country's full faith and credit requires accepting some unacceptable Republican demands," he said.Still, the White House was able to intact Biden's Inflation Reduction Act − his signature climate and prescription drug law − and program to forgive student loan debt for millions of Americans.
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