WASHINGTON: Elected members of the House of Representatives on Wednesday overwhelmingly adopted a resolution aimed at raising the debt ceiling. The American and Global Economy.
It must now be taken up by the Senate, which must be decided quickly, with the Democratic majority leader, Chuck Schumer, promising to bring it up “as quickly as possible.” “.
In a statement, Joe Biden called the vote “an important step in preventing a default for the first time.” According to the Democratic leader, the decision was made thanks to “bipartisan compromise.”
For his part, Republican Speaker of the House Kevin McCarthy, for his part, during a press conference, assessed that the vote “prioritized the American citizen,” saying, “No previous mandate has ever succeeded: cut federal spending.
“Tonight’s vote passed the largest budget cuts in American history,” he asserted.
The result of marathon negotiations and an extended Memorial Day weekend torn apart by forceps, above all this speech should make it possible to avoid the worst: the country’s coffers will dry up next Monday, and then the risk that the United States will be brought into default.
To avoid this situation which could have disastrous consequences for the economy, M.M. Biden and McCarthy struck a deal that, like any compromise, completely satisfied no one.
“Neither camp got everything it wanted,” Joe Biden summed up after accepting the speech.
While Kevin McCarthy expressed his confidence, he had acknowledged before the vote that his camp would not be flooded with votes.
For good reason, Democratic leaders, despite being forced to change the federal budget, set out to bring in the votes left out of this text.
“House Democrats will take care of the country without fail. Full stop,” said Speaker Hakeem Jeffries.
The promise was fulfilled since the bill received 314 votes in favor, 165 Democrats, 149 Republicans, and 117 elected officials opposed, with 71 Republicans and 46 Democrats voting.
However, in both camps, many voices said they would not vote for the text.
Among Republicans, the main criticism comes from the Trumpist faction, which has demanded more spending cuts. Rep.-elect Chip Roy of Texas blamed it on a “bad deal” that “no Republican should vote for.”
Some members of their board are even considering a no-confidence motion to oust Kevin McCarthy from office. A proposal may be submitted by an elected representative.
Also missing are moderate voices like South Carolina elected official Nancy Mays. “This ‘deal’ codifies the level of achievement achieved by federal spending during the pandemic and sets a baseline for future spending,” he criticized before the vote.
In the Democratic Party, left-leaning elected officials such as Pramila Jayapal and Alexandria Ocasio-Cortez refused to support the text “imposed” by Republicans.
The bill puts the debt ceiling on hold until 2024, after the presidential election, until 2025.
Alternatively, some spending would remain constant, except for military spending in 2024, and increase by 1% excluding inflation in 2025.
It also provides for a $10 billion decrease in funding for the tax services to modernize and strengthen regulations.
Without further details, McCarthy’s office also said the deal provides for the recovery of “billions of dollars of unspent Covid funds” during the pandemic.
A key point of contention is that the compromise includes changes to the conditions imposed to benefit from some social assistance: it increases the age from 49 to 54, when adults without children must work to receive food assistance, but it eliminates this obligation to work for veterans. and the homeless.
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