President Joe Biden said he was willing to meet with House Speaker Kevin McCarthy but said raising the debt ceiling was ‘not negotiable’
With this mostly partisan 217-215 vote, Republican House Speaker Kevin McCarthy hopes to lure Biden into negotiations on cutting spending, even as he and his fellow Democrats in Congress insist on a debt limit increase with no strings attached.
Throughout debate on the bill, Republicans cast Democrats as free-wheeling spenders of taxpayer money, which they say has pushed the national debt into a danger zone. McCarthy struggled for months to find just the right balance in the bill to get enough of his 222 far-right and more moderate Republican members on board.
Republican critics including hardline House Freedom Caucus Chairman Scott Perry and Representative Nancy Mace said they had dropped their opposition to the bill. Several holdouts from the Midwest also said they were ready to move forward, pending a last-minute review of the newly crafted legislation.The overnight changes removed a provision that would have ended a tax credit for biofuels that was part of Biden's climate change initiatives in the 2022 Inflation Reduction Act.
The stakes are high: A long 2011 debt-ceiling standoff led to a downgrade of the U.S. government's credit rating, which pushed borrowing costs higher, and Wall Street is already flashingThe White House has called on Congress to raise the debt limit without conditions, as it did three times under Biden's Republican predecessor, Donald Trump.
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