The arrangement to prevent a U.S. debt default struck by the White House and House Speaker Kevin McCarthy (R-CA) has been opposed by as many as 20 House Republicans.
The conservative House Freedom Caucus has led the assault against the compromise, which would suspend the debt limit until January 2025 in exchange for various curbs on spending but is seen as overly watered down by many Republicans. If they continue to be resistant, passage will require support from both parties, even though Republicans have a slim majority in the House.
Speaking during a press conference on Tuesday, Republican Representative Scott Perry of Pennsylvania said, “This deal fails completely.” Perry is the chairman of the House Freedom Caucus. Also, “We will do everything in our power to stop it and end it now,” he added.
Rep. Chip Roy (R-TX) added, “Not a single Republican should vote for this deal.” “No one sent us here to borrow an additional $4 trillion to get absolutely nothing in return,” he continued.
Roy remarked that the best that can be expected from McCarthy’s accord with the White House is “a spending freeze for a couple years if I’m being really generous.”
Rep. Dan Bishop (R-NC), one of three Republicans who are opposed to the accord, issued a warning to his fellow Republicans. “This is a vote that will make or break every Republican’s career,” he declared.
Bishop likewise proposed employing the move to step down from the chair. As things are in the House, it only takes one member to initiate a vote to remove the speaker, but a simple majority is required for the motion to pass.
A weekend “agreement in principle” between President Joe Biden and McCarthy, following weeks of discussions, resulted in the Fiscal Responsibility Act, the text of which is available online. On Tuesday, the bill will be put through its first major test before the House Rules Committee, where Republicans and Democrats alike have already proposed scores of modifications.
A full House vote could happen as soon as Wednesday, barring any unexpected holdups in the rules panel. According to CNBC, at least 20 Republicans have rejected the proposal, making the support of many Democrats essential if the compromise is to move forward in the absence of support from GOP holdouts.
Some on the left are unhappy with the deal, but according to House Minority Leader Hakeem Jeffries (D-NY), the Democrats will be monitoring to see whether the Republicans can get 150 votes, which would be roughly two-thirds of their conference. As CNN reported, he continued, “Democrats are committed to making sure that we do our part and avoid a default.”
Even if the House approves the proposal, Vice President Joe Biden must still get Senate approval before he can sign it into law. Senate Majority Leader Chuck Schumer (D-NY) has voiced his approval of the White House and McCarthy’s bipartisan deal.
Treasury Secretary Janet Yellen has issued several warnings that the United States may not be able to meet all of its financial obligations as early as the first part of June, prompting congressional leaders to scramble to come up with a settlement.
Since the United States reached its statutory maximum of around $31.4 trillion earlier this year, the Treasury Department has been using “extraordinary measures” and warning of grave economic consequences if the country is unable to find an agreement to raise the debt ceiling.
Some Republicans in the House, such as Cory Mills (R-FL) and Russell Fry (R-SC), are disappointed that the GOP-led House’s passage of a bill last month that would lift the limit by $1.5 trillion in exchange for spending cuts and reforms appears to have been scrapped in favor of a watered-down compromise.
Perry posted a comparison chart in which he referred to McCarthy and Biden’s agreement as a “‘deal’ with the swamp.”
Republican Representative Lauren Boebert of Colorado said she did not “come to Congress to rubber-stamp bankrupting our country,” while Republican Representative Byron Donalds of Florida criticized the bill as a “crap deal that’s going to put you more in debt with no real changes whatsoever.”
Rep. Nancy Mace (R-SC) stated the agreement to raise the debt ceiling would be “a wash, spending-wise,” since the “small cut” to discretionary spending would be outweighed by “large increases in spending elsewhere.”