GOP lawmakers this week narrowly passed legislation to raise the debt ceiling. Here are some key points to know about the bill and the broader political context.
Lawmakers passed the debt ceiling proposal, which included some last-minute concessions to attract support for some of the caucus’s more conservative members, along party lines in a 217-215 vote. Four Republicans voted against the measure.The United States hit the debt ceiling, also known as the debt limit, of $31.4 trillion in January, according to the Treasury Department. Treasury Secretary Janet Yellen announced that the Treasury would take “extraordinary measures” to prevent the U.S.
The federal government and economists are closely analyzing tax receipts to get a sense of the X date. Estimates have ranged from early summer to as late as the fall. But in recent days, estimates have shifted toward the deadline being hit at the earlier end of that timeline. The U.S. is facing a major debt reckoning in the coming years, and Republicans say they hope to slash government spending in order to close the budget deficit. The Congressional Budget Office forecasts that the federal debt is expected to grow to about 120% of the annual gross domestic product in 10 years.
In separate provisions, it would reduce spending. The now-passed House bill sets federal discretionary spending at $1.47 trillion for the coming fiscal year and reverts discretionary spending caps to fiscal 2022. It also only allows that spending to tick up by 1% each year after that. Discretionary spending includes things such as federal rental assistance, grants for schools in low-income communities, research funding, and weapons programs. While Republicans have said the cuts wouldn't eat away at defense spending, there is nothing in the legislation expressly blocking discretionary defense cuts.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GOP senators aren't sold on the House plan to raise the debt ceilingInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Zooey Zephyr: Montana transgender state House member says GOP members seeking 'disciplinary consequences'The Democrat has not been allowed to speak on the state House floor since she declared that legislators who voted in favor of a ban on gender-affirming care would have 'blood on your hands.'
Read more »
Florida GOP set to remove hurdle to DeSantis White House bidFlorida Republicans are poised to change state law to allow GOP Gov. Ron DeSantis to run for president without having to leave office. The proposal filed on Tuesday would exempt presidential candidates from Florida’s so-called resign to run law, which prohibits elected officials from qualifying as a candidate for another office that would overlap with their current term. The legislative move was expected but its formal introduction marks one of the clearest signals yet that DeSantis plans to run. The governor is currently overseas as part of an international trade mission to Japan, South Korea, Israel and the United Kingdom.
Read more »
White House estimates 21 million would lose Medicaid under GOP planHouse Speaker Kevin McCarthy's plan would likely cause some Americans to lose health care through Medicaid, but the exact number is up for debate. MORE ⬇️
Read more »
House GOP strikes final-hour deal on debt planDuring the early hours of the morning on Wednesday, the House Rules Committee agreed to major changes to help satisfy the demands of Midwesterners.
Read more »