Rules Committee passes debt limit bill despite GOP resistance.

The House Rules Committee Narrowly Votes to Advance Bipartisan Fiscal Responsibility Act

The House Rules Committee has taken the first step towards raising the debt ceiling just six days before the country is set to default on its loans. The committee narrowly voted 7-6 to advance the bipartisan Fiscal Responsibility Act, overcoming growing opposition within the Republican Party. Only Reps. Chip Roy (R-TX) and Ralph Norman (R-NC) joined all Democrats to vote against the measure. The legislation now heads to the floor for a vote on Wednesday, which is scheduled to take place at 8:30 p.m.

Debt Limit Deal: Where It Stands and What Is Still to Come

“In a true negotiation, you always get less than you want and give up more than you’d like,” committee Chairman Tom Cole (R-OK) said on Tuesday. “But with the passage of the Fiscal Responsibility Act, it will responsibly lift the debt ceiling and avoid default that would devastate the American economy, and we will achieve real reductions in spending. … This is the most debt ceiling deal passes key hurdle before House vote.”>consequential spending reduction bill in more than a decade.”

The committee vote marked the first test for the debt ceiling deal that was brokered between House Speaker Kevin McCarthy (R-CA) and President Joe Biden over the weekend, which has already received staunch opposition from members of both parties who say the deal does not adequately meet their demands.

• Some key members of the Rules Committee vowed to vote against advancing the bill to the floor altogether, threatening to kill the agreement before it could even reach the floor for a full vote.
• More Republicans could join Rep. Dan Bishop’s calls to reconsider McCarthy’s speakership, especially after the bill advanced through the committee through a closed-rules process and without unanimous Republican support.

Once the debt ceiling deal is passed through the House, the legislation will head to the Senate, where it could take a few days before it is passed. After that, it will be sent to President Joe Biden’s desk for his signature. The clock is ticking for Congress to advance the legislation before the so-called X-date on June 5, the day the country is expected to no longer be able to pay off its debts.

Treasury Secretary Janet Yellen updated the deadline from her initial projection of June 1, buying lawmakers four extra days to finalize an agreement and get a bill passed before a possible default.

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