The United States is one step closer to avoiding an economic catastrophe. The House of Representatives of the United States has approved on Wednesday night, early Thursday morning in mainland Spain, suspending the debt ceiling until 2025 in exchange for budget cuts. The vote has resulted in broad support for the law as a result of the agreement between the president of the United States, Joe Biden, and that of the House of Representatives, Kevin McCarthy, despite the rejection of the hard wing of the Republican Party and some congressmen of the Democratic Party.
The agreement between both parties has made it possible to overcome the obstacles placed by the most extremists of both formations. The law was approved by a large majority, with 314 votes in favor and 117 against. Although Republicans have a majority in the House, the bill has received more support from Democrats. Among the Republican representatives there have been 149 votes in favor and 71 against in addition to 2 abstentions. Among the Democrats he has achieved 165 yeses and 46 noes, in addition to another 2 abstentions.
The great obstacle was overcome on Tuesday in the parliamentary commission that allowed the urgent processing of the norm by 7 votes to 6. Then, he saved another procedural vote on Wednesday before the final one, in which the House of Representatives has already approved the norm.
Now, the rule goes to the Senate to be approved on the fast track. Treasury Secretary Janet Yellen has calculated that the U.S. federal government will run out of money next week to meet its payment obligations if the debt ceiling is not raised or suspended first.
The pact has caused a fracture in the Republican congressional group in the House of Representatives. Members of the hardliners, the same ones who initially blocked Kevin McCarthy's appointment, feel betrayed. They put their leader conditions on the debt ceiling to elect him and consider that he has breached them. They wanted much more aggressive spending cuts.
McCarthy has had an intervention of just over 14 minutes this afternoon in the House of Representatives to defend the agreement, although his words have not convinced the dissidents. "Tonight we're going to do something we haven't done before. Tonight, we're going to give America hope. Tonight we're going to vote for the biggest cut in American history. More than 2.1 trillion dollars," he said exaggerating somewhat, because in homogeneous terms the 2011 cut was greater and part of that calculation depends on maintaining certain savings beyond the time of validity of the law.
"Continuing Washington's spending addiction is both irresponsible and wrong. So let's stop. I'll be honest, tonight's bill doesn't stop it," he acknowledged, to ensure that it does represent a turning point: "We started to turn the ship."
This is Halle. She was born on April 11.
Her dad gave her blue eyes.
Her mom gave her a button nose.
And politicians in Washington gave her a $95,000 bill—every American's portion of the national debt.
Runaway spending is more than an economic problem. It's a moral problem. pic.twitter.com/pfU2fpxe2O
— Kevin McCarthy (@SpeakerMcCarthy) May 31, 2023
McCarthy has even displayed a photo of a baby to make his case: "This is Halle. He was born on April 11 at 9.58. He has his father's blue eyes, his mother's nose, and the $95,000 bill from Washington politicians — every American's share of the national debt. Runaway spending is more than an economic problem. It's a moral problem," he said, ignoring at all times the very sharp increase in the deficit and debt of the Trump presidency.
The leader of the Republicans has stressed that he has forced Biden to negotiate when he wanted an unconditional increase in the debt ceiling. And he has responded to critics. "It may not include everything we need to do," he acknowledged. "I could say I'm going to vote no because there's something that's not in the bill. If I took that philosophy, I would never vote yes," he added.
Democrats, for their part, have been less critical of the law than dissident Republicans, although there are already some notorious announcements of votes against it, such as that of Senator Bernie Sanders. On Wednesday, they overwhelmingly approved the bill in the House of Representatives, criticizing Republicans for not raising the debt without conditions and for wanting tougher cuts.
"This moment of crisis has been manufactured by extremist MAGA Republicans on the other side of the chamber," said Democratic leader Hakeem Jeffries. "I thank House Democrats, for their steady hand, for their unity of purpose, for their efforts to make sure that we roll back the efforts of the extremist Republican MAGA to swallow right-wing cuts down the throats of the American people that would have undermined the health, safety, and economic well-being of ordinary Americans." has continued.
"From the beginning, House Democrats have made clear that we will not allow extremist MAGA Republicans to default on our debt, sink the economy, or cause a job-destroying recession."
President Joe Biden had been optimistic Wednesday morning before leaving for Colorado. "I think things are going according to plan," he said. "I will land in Colorado tonight to prepare my commencement speech at the Air Force Academy tomorrow. And, God willing, by the time it lands, Congress will have acted, the House will have acted, and we'll be one step closer."
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