In a bid to resolve the debt ceiling crisis, the U.S. House of Representatives is set to vote on a bill that proposes a sharp cut in spending over a decade in exchange for a short-term increase in the debt limit. House Republicans have offered to raise the borrowing authority by $1.5 trillion, or until March 31, with the condition to cap growth at 1% a year and impose stricter work requirements for some anti-poverty programs.
The bill, however, faces opposition from both parties, and its passing in the Democratic-controlled Senate is uncertain. The outcome of the vote will be a test of House Speaker Kevin McCarthy’s leadership, as he can afford to lose no more than four votes from his slim 222 to 213 majority for the bill to pass.
McCarthy insists the bill aims to bring both parties to the negotiating table. The White House has called on Congress to raise the debt limit without conditions, as was done three times under former President Donald Trump. The stakes are high with the 2011 debt ceiling standoff resulting in a downgrade of the U.S. government’s credit rating and increased borrowing costs.
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