President Joe Biden and House Speaker Kevin McCarthy have passed a new bill. They decided to raise the debt ceiling. That is if it passes the House Rules Committee’s vote today. The focus of today’s email is how these discussions tie into the bigger cultural fights being fought throughout the nation as we wait to learn the outcome of the legislation’s future ahead of next week’s default deadline. Following that, the Senate will receive it. On Wednesday, Schumer cautioned against this possibility and emphasized that there was little time to waste to avoid default.
Kevin McCarthy Has Passed A Bill
McCarthy, though, managed to pass a bill in April with just GOP support. Later, he coerced Vice President Joe Biden into negotiating budget cuts and a suspension of the debt ceiling.
When questioned about his detractors underestimating him, an upbeat Kevin McCarthy replied, “You’re incorrect. Even his harshest detractors were surprised by how well McCarthy navigated his ideologically split conference and ended the debt ceiling stalemate after one of the longest speaker elections in history, gaining the gavel after a nasty 15-ballot battle. “I have been contemplating this day since before my vote as speaker because I knew that the debt ceiling increase was coming,” Kevin McCarthy said at a press conference after the vote on Wednesday night. I aspired to write history.
Kevin McCarthy stated, “At this point, any unnecessary delay, any last-minute brinkmanship would be an unacceptable risk.” Schumer is concerned that the possibility of a single senator delaying the procedure could waste too much critical time.
The “X-date,” or the day the US will stop paying its debts, was recently moved by Treasury Secretary Janet Yellen to June 5. Her earlier prediction put the day on Thursday, June 1.