{"id":1941529,"date":"2023-06-01T03:12:02","date_gmt":"2023-06-01T07:12:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-votes-to-suspend-debt-ceiling-to-prevent-default\/"},"modified":"2023-06-01T03:17:26","modified_gmt":"2023-06-01T07:17:26","slug":"house-votes-to-suspend-debt-ceiling-to-prevent-default","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-votes-to-suspend-debt-ceiling-to-prevent-default\/","title":{"rendered":"House suspends debt ceiling to avoid default."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhouse-votes-to-suspend-debt-ceiling-to-prevent-default%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1941529&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>U.S. House Passes Bill to Suspend Debt Ceiling<\/h2>\n<blockquote>\n<p>WASHINGTON (Reuters)\u2014A divided U.S. House of Representatives passed a bill to suspend the $31.4 trillion debt ceiling on Wednesday, with majority support from both Democrats and Republicans to overcome opposition from hardline conservatives and avoid a catastrophic default.<\/p>\n<\/blockquote>\n<p>The Republican-controlled House voted 314-117 to send the legislation to the Senate, which must enact the measure and get it to President Joe Biden&#8217;s desk before a Monday deadline, when the federal government is expected to run out of money to pay its bills.<\/p>\n<p>Biden expects to have the bill on his desk in time to avoid a default that would cripple the U.S. economy and unsettle world financial markets.<\/p>\n<h3>What&#8217;s in the Bill?<\/h3>\n<ul>\n<li>The legislation suspends &#8211; in essence, temporarily removes &#8211; the federal government&#8217;s borrowing limit through Jan. 1, 2025.<\/li>\n<li>The timeline allows Biden and Congress to set aside the politically risky issue until after the November 2024 presidential election.<\/li>\n<li>It would also cap some government spending over the next two years, speed up the permitting process for certain energy projects, claw back unused COVID-19 funds and expand work requirements for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/congressional-budget-office-minimum-wage-hike-would-cost-1-4-million-jobs\/\" title=\"Congressional Budget Office: Minimum Wage Hike Would Cost 1.4 Million Jobs\">food aid programs<\/a> to additional recipients.<\/li>\n<\/ul>\n<p>Hardline Republicans had wanted deeper spending cuts and more stringent reforms.<\/p>\n<blockquote>\n<p>&#8220;At best, we have a two<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inside-rand-pauls-plan-to-balance-the-federal-budget-in-5-years\/\" title=\"Inside Rand Paul\u2019s Plan To Balance The Federal Budget In 5 Years\">-year spending freeze<\/a> that&#8217;s full of loopholes and gimmicks,&#8221; said Representative Chip Roy, a prominent member of the hardline House Freedom Caucus.<\/p>\n<\/blockquote>\n<p>Progressive Democrats &#8211; who along with Biden had resisted negotiating over the debt ceiling &#8211; oppose the bill for a few reasons, including new work requirements from some federal anti-poverty programs.<\/p>\n<blockquote>\n<p>&#8220;Republicans are forcing us to decide which vulnerable Americans get to eat or they&#8217;ll throw us into default. It&#8217;s just plain wrong,&#8221; said Democratic Representative Jim McGovern on Wednesday.<\/p>\n<\/blockquote>\n<p>Late on Tuesday, the non-partisan Congressional Budget Office said the legislation would result in $1.5 trillion in savings over a decade.<\/p>\n<p>In the Senate, leaders of both parties said they hoped to move to enact the legislation before the weekend. But a potential delay over amendment votes could complicate matters.<\/p>\n<p>Republicans said Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell could need to allow votes on Republican amendments to ensure quick action.<\/p>\n<blockquote>\n<p>But Schumer appeared to rule out amendments on Wednesday, telling reporters: &#8220;We cannot send anything back to the House, plain and simple. We must avoid default.&#8221;<\/p>\n<\/blockquote>\n<p>Senate debate and voting could stretch into the weekend, especially if any one of the 100 senators tries to slow passage.<\/p>\n<p>Hardline Republican Senator Rand Paul, long known for delaying important Senate votes, has said he would not hold up passage if allowed to offer an amendment for a floor vote.<\/p>\n<p>Senator Bernie Sanders, a progressive independent who caucuses with the Democrats, said he would oppose the bill due to inclusion of an energy pipeline and extra work requirements. &#8220;I cannot, in good conscience, vote for the debt ceiling deal,&#8221; Sanders said on Twitter.<\/p>\n<p>In a win for Republicans, the bill would shift some funding away from the Internal Revenue Service, although the White House says that should not undercut tax enforcement.<\/p>\n<p>Biden can point to gains as well.<\/p>\n<blockquote>\n<p>The deal leaves his signature infrastructure and green-energy laws largely intact, and the spending cuts and work requirements are far less than Republicans had sought.<\/p>\n<\/blockquote>\n<p>Republicans have argued that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/its-how-you-finish-mccarthy-outlasts-opposition-elected-speaker-of-the-house\/\" title=\"\u2018It\u2019s How You Finish\u2019: McCarthy Outlasts Opposition, Elected Speaker You can find the House\">steep spending cuts<\/a> are necessary to curb the growth of the national debt, which at $31.4 trillion is roughly equal to the annual output of the economy.<\/p>\n<p>Interest payments on that debt are projected to eat up a growing share of the budget as an aging population pushes up health and retirement costs, according to government forecasts. The deal would not do anything to rein in those fast-growing programs.<\/p>\n<p>Most of the savings would come by capping spending on domestic programs like housing, education, scientific research and other forms of &#8220;discretionary&#8221; spending. Military spending would be allowed to increase over the next two years.<\/p>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-votes-to-suspend-debt-ceiling-to-prevent-default\/\" title=\"House suspends debt ceiling to avoid default.\">debt-ceiling standoff prompted ratings agencies<\/a> to warn that they might downgrade U.S. debt, which underpins the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dogecoin-rallies-after-launching-on-coinebase-pro-dogefather-elon-musk-retweets-inevitable-meme\/\" title=\"Dogecoin Rallies After Launching On Coinebase Pro, \u2018Dogefather\u2019 Elon Musk Retweets \u2018Inevitable\u2019 Meme\">global financial system<\/a>.<\/p>\n<blockquote>\n<p>Credit rating agency DBRS Morningstar put the United States on review for a possible downgrade last week, echoing similar warnings by Fitch, Moody&#8217;s and Scope Ratings. Another agency, S&#038;P Global, downgraded U.S. debt following a similar debt-ceiling standoff in 2011.<\/p>\n<\/blockquote>\n<p>The last time the U.S. came this close to default was in 2011, a time of similar partisan divide in Washington, with a Democratic president and Senate majority and a Republican-majority House.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. House of Representatives passed a bill to suspend the $31.4 trillion debt ceiling with majority support from both parties. The Republican-controlled House voted 314-117 to send the legislation to the Senate, which must enact the measure to avoid a catastrophic default. Hardline conservatives opposed the bill.<\/p>\n","protected":false},"author":66,"featured_media":1941530,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[5454,10142,5487,15651,3653,6246],"class_list":["post-1941529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon","tag-avoid","tag-ceiling","tag-debt","tag-default","tag-house","tag-suspends"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1941529","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1941529"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1941529\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1941530"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1941529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1941529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1941529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}