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April 26, 2023 06:00 PM

House Republicans pass debt ceiling bill that is DOA in Senate

Brian Croce
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    House Speaker Pushes Ahead On Debt Bill Vote Despite Fractious GOP

    House Republicans on Wednesday passed a bill in a 217-215 vote to raise the debt ceiling and cut spending that has little chance of passing in the Senate and would face a certain veto from President Joe Biden.

    The Limit, Save, Grow Act of 2023 would raise the debt ceiling by $1.5 trillion or until March 31, whichever comes first, and cut discretionary spending to fiscal year 2022 levels and then limit the growth of spending to 1% per year. It would also nix the Inflation Reduction Act's tax credits for renewable energies, eliminate Mr. Biden's student debt relief initiative and expand work requirements for Medicaid and other social welfare programs.

    Related Article
    Speaker McCarthy wants spending cuts to raise debt ceiling

    "By limiting government spending, we will reduce inflation and restore fiscal discipline in Washington," said House Speaker Kevin McCarthy, R-Calif., in a floor speech April 19.

    Mr. McCarthy has called on Mr. Biden to negotiate around the debt ceiling and in an April 17 speech at the New York Stock Exchange said a "no-strings-attached debt limit increase cannot pass."

    The White House has not changed its position and said it will not negotiate around the debt ceiling.

    The debt limit or debt ceiling — the terms are used interchangeably — is a cap on the money the U.S. government can borrow to pay its bills. It does not authorize any new spending, but it allows the Treasury Department to finance the existing legal obligations already approved by Congress. The debt limit was last raised in December 2021 and stands at $31.4 trillion.

    The federal government hit its statutory debt limit in January, and Treasury might be out of options to pay the nation's bills as soon as June.

    On the House floor Wednesday, Rep. Jim McGovern, D-Mass., ranking member on the Rules Committee, called the bill "an extortion. You're saying if we don't agree to all these draconian cuts, they're going to hurt people that we fight for every day on this side of the aisle. If we don't do that, you're going to run this economy off a cliff. That's an all-time high in recklessness and stupidity."

    Rep. Tom Cole, R-Okla., chairman of the Rules Committee, said with Democrats in charge of the Senate and White House, Republicans know the bill as written won't become law. "What we're saying is, 'Let's sit down and talk things through and here's our opening position,'" he said Wednesday. "That's all that's going on here."

    In a speech Tuesday in Sacramento, Calif., Treasury Secretary Janet L. Yellen said a default on the nation's debt would "produce an economic and financial catastrophe." She added that the economic catastrophe is preventable and implored Congress to quickly raise or suspend the debt ceiling without conditions.

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    December 12, 2022 page one

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