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Debt Limit Bill

All articles tagged with #debt limit bill

politics2 years ago•5 min saved

Debt Ceiling Debate Divides Congress and Parties Alike

President Joe Biden is expected to sign a bill raising the federal debt limit for approximately two years, which passed with bipartisan support. However, the bill will cut federal spending by $55 billion in 2024 and $81 billion in 2025, and Moody’s Analytics estimates that it will result in 120,000 fewer jobs at the end of 2024. Additionally, cuts to Internal Revenue Service enforcement will lead to tax revenues falling, thereby increasing the deficit on net. The article highlights other examples of bipartisan achievements, including the Commodity Futures Modernization Act of 2000 and the Authorization for Use of Military Force Against Iraq Resolution of 2002, which have cost the U.S. trillions of dollars and caused human suffering.

via The Intercept|

#american-jobs-creation-act #bipartisanship #debt-limit-bill

politics2 years ago•4 min saved

Georgia Congress Members' Votes Pass Debt-Ceiling Bill in Low-Key House Vote.

The US House passed a debt-limit bill suspending the debt ceiling for two years with a majority of Republicans and Democrats in favor, but 70 Republicans and 46 Democrats voted against the measure, including four Georgia lawmakers on both sides of the aisle. Concerns were raised about the spending limits contained in the bill, which added new work requirements for food assistance recipients and limited Biden’s ability to pause student loan repayments. The legislation now goes to the Senate, where bipartisan cooperation will be needed to fast-track a vote as soon as Thursday.

via The Atlanta Journal Constitution|

#bipartisan-cooperation #debt-limit-bill #georgia-lawmakers

politics2 years ago•5 min saved

GOP Leaders Struggle to Pass Debt Limit Bill as Biden Considers Negotiations

House GOP leaders are struggling to secure enough support to pass a debt limit bill, with a small but significant number of GOP lawmakers saying they will vote against the party's debt limit package if it hits the floor without substantial changes. The opposition appears to be enough to sink the bill, which would be an embarrassing defeat for Speaker Kevin McCarthy. Midwestern Republicans want to cut portions of the bill that would get rid of tax breaks for ethanol. The bill is to get Republicans to the negotiating table, but some members want more aggressive efforts to rein in the nation's $31.4 trillion debt.

via The Hill|

#debt-limit-bill #house-gop #kevin-mccarthy

politics2 years ago•1 min saved

GOP holdouts resist McCarthy's debt limit bill, risking party unity.

Republican Representative Nancy Mace from South Carolina explains in a CNN interview that she is not ready to vote for House Speaker Kevin McCarthy's debt limit bill. When asked by CNN anchor Kaitlan Collins if she plans to vote for the bill, Mace says she is still reviewing it and wants to make sure it addresses the root cause of the debt.

via CNN|

#debt-limit-bill #gop #kevin-mccarthy