Sen. Mike Lee pledged on Thursday to delay passage of any debt limit deal struck by House Speaker Kevin McCarthy and President Biden if the spending cuts are not “substantial.”
McCarthyTreasury Secretary Janet Yellen has said that if the debt ceiling of $31.4 trillion is not raised by June 1, the government may be unable to pay all of its bills. Despite the urgency, Mr.has also pledged to allow House lawmakers at least 72 hours to review any debt limit deal before it comes up for a vote.
In the Senate, unanimous consent is needed to expedite the consideration of a bill, meaning that all 100 senators must agree on advancing it. Even one lawmaker can derail the process. Mr. Lee is pushing for the final deal to be as close as possible to the debt limit bill passed by GOP lawmakers last month.
Beyond cutting spending, the legislation overhauls the nation’s energy-permitting laws, imposes work requirements on social welfare programs and requires congressional approval for any new regulations with an economic impact of more than $100 million per year.
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