The US House of Representatives narrowly passed a bill to raise the government's $31.4 trillion debt ceiling that includes sweeping spending cuts over the next decade
The bill isn't expected to pass the Senate, and President Joe Biden would veto it if it did - but the mostly partisan 217-215 vote represents a win for Republican House Speaker Kevin McCarthy on an issue that rattled investors and markets.
"We've done our job," a victorious McCarthy told reporters just after the vote. "The Republicans have raised the debt limit. You have not. Neither has Schumer," McCarthy added, referring to Biden and top Senate Democrat Chuck Schumer.among House Republicans to get the bill passed. Next is the far more daunting task in trying to broker a compromise with Democrats without losing the backing of some of his most conservative fellow Republicans.
to 2022 levels and then cap growth at 1% a year, repeal some tax incentives for renewable energy and stiffen work requirements for some antipoverty programs."President Biden will never force middle class and working families to bear the burden of tax cuts for the wealthiest, as this bill does," she said in a statement. "The President has made clear this bill has no chance of becoming law.
Democrats, meanwhile, bemoaned the deep spending cuts the measure would bring on programs including healthcare for the poor, Head Start education for pre-schoolers and an array of other programs including law enforcement and airport security operations.the bill would shut down 375 federally-staffed and contract-run air traffic control towers around the country and result in 7,500 fewer rail safety inspection days.
Bending to the far-right wing of the party, Republicans also accelerated some new, tougher work requirements for receiving Medicaid healthcare benefits for the poor, angering Democrats.
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