On Wednesday, the House of Representatives narrowly passed a bill to raise the nation’s $31.4 trillion debt ceiling by an additional $1.5 trillion, setting up a confrontation with President Joe Biden, who has promised to veto the bill because of spending cuts that are part of it.
The vote was 217–215. All Democrats voted against the bill and four Republicans joined them: Representatives Andy Biggs (R., Ariz.), Ken Buck (R., Colo.), Matt Gaetz (R., Fla.), and Tim Burchett (R., Tenn.). It was the maximum number of votes McCarthy could lose and still succeed in pushing the bill through the chamber. It now heads to the Senate, where it may be dead on arrival. Senate Majority Leader Chuck Schumer (D., N.Y.) has repeatedly said he would not consider the bill.
The Limit, Save, Grow Act implements sizable cuts to domestic programs but spares the Pentagon's budget, according to CNN. It returns funding for federal agencies to 2022 levels while aiming to limit the growth in spending to 1 percent per year. It also blocks Biden's plan to grant student-loan forgiveness and repeals green-energy tax credits that were part of the Inflation Reduction Act.
The Congressional Budget Office said Tuesday that the bill would reduce government deficits by $4.8 trillion reduction over ten years.
There were cheers in the gallery when the bill passed. House Speaker Kevin McCarthy (R., Calif.) celebrated the passage with his colleagues.
“The House Republicans just passed the only bill in Washington that lifts the debt limit, ends wasteful Washington spending, and puts America back on the right economic path,” explained McCarthy in a press conference right after the vote.
“The Democrats now need to do their job. The president can no longer ignore by not negotiating. Senator Schumer, if he thinks he has a plan, put it on the floor. See if you can pass it. And then we can go to conference. But now, the president can no longer put this economy in jeopardy,” McCarthy said.
“We did our job,” McCarthy added.
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