House Speaker Kevin McCarthy helped secure a debt limit deal – now he has to secure its passage in the House, with little room for error and a looming threat to his speakership.
In a win for House Speaker Kevin McCarthy, the debt limit deal cleared a key hurdle Tuesday evening when the powerful House Rules Committee voted seven to six to advance the debt ceiling bill, which will come to floor Wednesday for debate and final vote before it goes to the Senate.
As noted by CNN, “The timeframe to get the bill passed through both chambers of Congress and signed into law is extremely tight,” just five days before the June 5 deadline.
Treasury Secretary Janet Yellen has said the U.S. could default on its debts by that day if the borrowing limit is not raised.
Now, lawmakers are racing the clock to avert a catastrophic default ahead of June 5, the day the Treasury Department has said it will no longer be able to pay all of the nation’s obligations in full and on time.”
The advancement of the debt limit bill from the Rules Committee marked a procedural victory for congressional leaders due to the fact that some of the loudest conservative critics of the bill are members of the panel.
A number of Republicans, however, have announced plans to vote against the bill, upping pressure on leaders to corral enough votes for the legislation to cross the finish line on Wednesday.