House Republicans passed sweeping legislation that would raise the government’s debt ceiling by $1.5 trillion in exchange for steep spending restrictions, a tactical victory for Speaker Kevin McCarthy as he challenges President Biden to negotiate.
A staffer with the Republican leadership holds a guide to Speaker Kevin McCarthy's debt ceiling package during a news conference at the Capitol in Washington, Wednesday, April 26, 2023.
As the House debated the bill, Biden on Wednesday indicated he was willing to open the door to talks with McCarthy, but not on preventing a first-ever U.S. default that would shake America’s economy and beyond. Speaker of the House Kevin McCarthy, R-Calif., emerges from a closed-door meeting with fellow Republicans as he tries to round up the votes for his debt ceiling package, at the Capitol in Washington, Wednesday, April 26, 2023.
Republicans hold a five-seat House majority and faced several absences this week, leaving McCarthy with almost no votes to spare in the face of Democratic opposition. Rep. Ralph Norman, R-S.C., a member of the Freedom Caucus, said he “wanted double” the deficit savings contained in the bill but would vote for it “because it starts the ball, it gets us in the arena to solve the debt problem.”
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