This week, Speaker Kevin McCarthy’s debt ceiling bill will be debated in the House, serving as both a significant test of the California Republican’s ability to steer his convoluted conference and a springboard for further negotiations with the White House.
When questioned on Sunday about the likelihood that the plan will pass the House, McCarthy (R-Calif.) expressed confidence.
McCarthy’s debt ceiling bill won’t pass the Democratic-controlled Senate, even if he manages to get it through the House. Instead, the GOP debt measure serves as a propaganda weapon for Republicans as they attempt to negotiate with President Joe Biden, who has so far insisted on a debt ceiling rise with no conditions attached.
Kevin McCarthy Has Made His Decision
Gaetz met with Kevin McCarthy’s leadership team, Budget Chair Jodey Arrington (R-Texas), Ways and Means Chair Jason Smith (R-Mo. ), and leaders of several conference factions last Thursday to review both work obligations and the overall mood of the conference.
The termination of some tax credits, ranging from ethanol to biofuels, is another cause of anxiety for certain members, but confidence that they would be eliminated in any White House accord has calmed their fears.
Other provisions of the bill include the claw-back of overspent pandemic funds, a spending cap at levels from fiscal year 2022, a rollback of energy tax credits from the Inflation Reduction Act, and stricter work requirements for those receiving food stamps and Medicaid benefits. According to how it is now structured, the debt ceiling would be raised until March 2024, or until the debt reaches $32.9 trillion, whichever comes first.