President Joe Biden has threatened to veto the Republican package, which has almost no chance of passing the Democratic Senate in the meantime.
Speaker of the House Kevin McCarthy, R-Calif., arrives for a closed-door meeting with fellow Republicans as he pushes his sweeping debt ceiling package, at the Capitol in Washington, Wednesday, April 26, 2023.
As the House debated the measure, Biden on Wednesday indicated he was willing to open the door to talks with McCarthy, but not on preventing a first-ever U.S. default that would shake America’s economy and beyond. McCarthy worked nonstop to unite his fractious Republican majority, the “five families” including the conservative Freedom Caucus and others, making post-midnight changes in the House Rules Committee in the crush to win over holdouts.
“This bill is unacceptable, it’s unreasonable, it’s unworkable, it’s unconscionable — and it’s un-American,” said the Democratic leader Hakeem Jeffries of New York. “That’s why we oppose it.” The Treasury Department is taking “extraordinary measures” to pay the bills, but funding is expected to run out this summer. Economists warn that even the serious threat of a federal debt default would send shockwaves through the economy.
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