House Republican Predicts Success in Vote To Raise Debt Ceiling
Get ready for some political drama! A top Republican in the U.S. House of Representatives is confident that his party will pass a plan to cut spending and raise the government’s $31.4 trillion debt ceiling. But with growing opposition within Republican ranks, it’s going to be a nail-biter.
Representative Tom Emmer, the No. 3 House Republican, told Reuters in an interview, “This will pass. I’m telling you right now, it will pass the House floor.”
Speaker Kevin McCarthy can’t afford to lose support from more than four of his 222 Republican members if he wants to pass the bill, which would raise the borrowing limit by $1.5 trillion. But at least that many are withholding support as lawmakers return to Washington.
Republicans hope that a show of unity can force Democratic President Joe Biden to negotiate after a months-long standoff. Biden has insisted that Congress raise the debt ceiling without conditions, as it did three times under Republican President Donald Trump.
“For Republicans, this is literally a choice between getting this done and giving the ball to Kevin McCarthy, or if you don’t want to get it done, then you’re giving a blank check to Joe Biden,” Emmer said.
The House Rules Committee will take up the bill on Tuesday afternoon, and a House floor vote could happen as early as Wednesday. But with the “X-date” looming, when the U.S. Treasury would no longer be able to pay all its bills, analysts say it could be difficult for Congress to raise the debt ceiling if House Republicans can’t unite behind a proposal.
Debt markets are already flashing warning signs as investors grow wary. Investors expect the Treasury Department to offer a new “X-date” forecast in the coming weeks.
Will the Republicans pull it off? Manhattan Institute senior fellow Brian Riedl gives them a 50-50 chance of passing the legislation this week. “The vast majority of Republicans are on board,” Riedl said. “But you have both moderate and conservative lawmakers trying to push it in competing directions.”
Stay tuned for more updates on this high-stakes political showdown.
(Reporting by David Morgan and Katharine Jackson; Editing by Scott Malone, Andy Sullivan, David Gregorio and Deepa Babington)
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