Biden Confident Congress Will Pass Debt Ceiling Bill Before Deadline—Despite Opposition From Some Lawmakers

Forbes Business Breaking Biden Confident Congress Will Pass Debt Ceiling Bill Before Deadline—Despite Opposition From Some Lawmakers Sara Dorn Forbes Staff Politics Following May 29, 2023, 05:35pm EDT | Press play to listen to this article! Got it! Share to Facebook Share to Twitter Share to Linkedin Topline President Joe Biden expressed confidence Monday that a bill to avert a debt ceiling crisis will pass by the June 5 deadline to avert default—as some lawmakers are threatening to derail the bipartisan legislation that was unveiled after a last-minute negotiating marathon between the White House and GOP congressional leaders. US President Joe Biden speaks to members of the media before boarding Marine One on the South Lawn . .

. [+] of the White House in Washington, DC, on May 29, 2023, as he travels to Wilmington, Delaware. (Photo by Mandel NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images) AFP via Getty Images Key Facts Biden said “there is no reason why it shouldn’t get done by the 5th,” when asked by a reporter outside of the White House on Monday if there was “no question” the bill would pass.

Biden’s optimism comes less than 24 hours after he and House Speaker Kevin McCarthy (R-Calif. ) unveiled legislation to suspend the debt ceiling until January 2025, in a bid to stave off a catastrophic financial crisis if the U. S.

defaults on its financial obligations. While congressional leaders and the White House united behind the bipartisan deal, some lawmakers expressed plans to vote against the bill or demand changes that could delay its passage past the June 5 “X-Date” Treasury Secretary Janet Yellen has identified. The House is likely to vote on the legislation Wednesday, and McCarthy reportedly believes he can whip at least 140 votes, while a coalition of 100 moderate Democrats have also said it supports the bill, bringing the tally well over the 218-vote majority threshold needed to clear the lower chamber.

But the path to approval in the Senate, which has a much more complicated process for voting, could be delayed for days if senators, including Sens. Tim Kaine (D-Va. ), Mike Lee (R-Utah) and Lindsey Graham (R-S.

C. ), make good on their promises to introduce procedural hurdles or demand changes in protest of the legislation. Kaine is seeking an amendment to remove permits for a natural gas pipeline, Graham wants more defense spending in the bill and Lee has said the legislation doesn’t go far enough to cut federal spending.

Key Background After months of impasse amid Biden’s refusal to agree to raising the debt limit without any other conditions attached, the two sides announced Sunday they’d reached a deal to suspend the $31. 4 trillion federal debt ceiling and implement a string of GOP-backed spending cuts and policy proposals. The legislation freezes federal spending in fiscal year 2024 at its current level and allows for a 1% increase in the following fiscal year.

It also rolls back about $30 billion in unspent Covid-19 funding, reduces new funding for the Internal Revenue Service by about $20 billion and expands work requirements for recipients of some public assistance programs. But the bill falls short of some House Republicans’ demands for steep spending cuts, and runs afoul of many Democrats’ desire to push a no-strings-attached debt ceiling increase. Further Reading Here’s Why The Debt Ceiling Deal Still Faces Hurdles—From Pipeline Conflicts To Hard-Right Opposition (Forbes) Student Loan Repayments Will Resume After August As Part Of Debt Limit Deal (Forbes) Debt Ceiling Deal Reached — Here’s What’s In It And What Comes Next (Forbes) Follow me on Twitter .

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