House debates the Biden-McCarthy debt ceiling bill as default deadline looms – Gist It

House debates the Biden-McCarthy debt ceiling bill as default deadline looms

The House debates the Biden-McCarthy debt ceiling bill in an effort to avoid an unprecedented debt default just days before the deadline.

On track to pass: House Speaker Kevin McCarthy believes the 99-page bill will pass after clearing a procedural hurdle.
* President Biden has been “very involved” in reaching out to members to boost support for the bill.

Bill details: The bipartisan bill pairs a suspension of the debt limit for nearly two years with a package of spending cuts and policy changes.
* The Congressional Budget Office estimates the agreement would cut federal deficits by about $1.5 trillion over the next decade.

Mixed reactions: The high-stakes negotiations and subsequent vote are a critical test for McCarthy, as both conservative and Democratic members express concerns with some provisions.
* Some Democratic lawmakers struggle between wanting to avoid a potentially catastrophic default and passing legislation with provisions they don’t support.

View original article on NPR

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