The U.S. House of Representatives will vote today, Wednesday, on a bill to raise the government debt ceiling of $31.4 trillion, a critical step to avoid a potential default that could occur next week if Congress takes no action. Republicans in the House hold a slim majority with a nine-seat margin, but the bill needs support from both Republicans and Democrats to pass, as members of both parties object to important parts of it.
House Speaker Kevin McCarthy expressed confidence that the evening vote would be successful, telling reporters, "It will become law." President Joe Biden highlighted the risks of failing to pass the legislation, stating on Twitter: "A bipartisan agreement prevents the worst possible crisis: a default for the first time in our nation’s history, an economic recession, collapsed retirement accounts, and millions of jobs lost."
The House Rules Committee approved the bill late Tuesday, allowing it to advance to the full House for discussion and a vote today. The legislation would suspend the debt limit until January 1, 2025, enabling Biden and lawmakers to push this politically risky issue past the presidential election in November 2024. It also imposes limits on certain government spending over the next two years, speeds up the approval process for some energy projects, and reallocates unused COVID-19 relief funds.
The Treasury Department warned of the possibility that it would not be able to meet all government obligations by Monday if Congress does not raise the debt ceiling. If the House passes the bill, it will then send it to the Senate for consideration and voting, a process that could extend into early next week, especially if any of the 100 senators attempt to delay its passage.
