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Thread: Houses passes debt ceiling bill

  1. #1

    Default Houses passes debt ceiling bill

    How willing are Democrats to compromise on spending now that its clear they no longer have a blank check from Congress? Well soon get to find out.


    https://www.reuters.com/world/us/mcc...ns-2023-04-26/

    WASHINGTON, April 26 (Reuters) - The U.S. House of Representatives on Wednesday narrowly passed a bill to raise the nation's $31.4 trillion debt ceiling, defying President Joe Biden by attaching sweeping spending cuts for the next decade.

    With this mostly partisan 217-215 vote, Republican House Speaker Kevin McCarthy hopes to lure Biden into negotiations on cutting spending, even as he and his fellow Democrats in Congress insist on a debt limit increase with no strings attached.

    "The minute we pass a bill, it changes that entire dynamic, and it puts actual pressure on the Senate to do their job. And if they say they're not going to pass our bill, then which bill are they going to pass?" House Majority Leader Steve Scalise said in a telephone interview before the vote. "The idea that they just sit back and do nothing is not acceptable."

    Senate Majority Leader Chuck Schumer disagreed, telling reporters the House bill is "dead on arrival." He said the Republican legislation "only brings us dangerously closer" to an historic U.S. debt default that would shake markets and economies worldwide.

    Throughout debate on the bill, Republicans cast Democrats as free-wheeling spenders of taxpayer money, which they say has pushed the national debt into a danger zone.

    Democrats, meanwhile, bemoaned the deep spending cuts the measure would bring on programs including healthcare for the poor, Head Start education for pre-schoolers and an array of other programs including law enforcement and airport security operations.

    It was unclear when either side would take a step toward the other, even as the potential for a devastating debt default could be just weeks away, according to government estimates.

    McCarthy struggled for months to find just the right balance in the bill to get enough of his 222 far-right and more moderate Republican members on board.

    Early on Wednesday morning, McCarthy had to give in to some of his members' demands to keep the legislation alive.

    He assuaged concerns of Midwestern Republicans about biofuel tax credits and addressed hardliners' calls to toughen work requirements for some federal programs aiding low-income Americans.

    Republican critics including hardline House Freedom Caucus Chairman Scott Perry and Representative Nancy Mace said they had dropped their opposition to the bill. Several holdouts from the Midwest also said they were ready to move forward, pending a last-minute review of the newly crafted legislation.

    BIOFUELS CHANGES

    The overnight changes removed a provision that would have ended a tax credit for biofuels that was part of Biden's climate change initiatives in the 2022 Inflation Reduction Act.

    Bending to the far-right wing of the party, Republicans also accelerated some new, tougher work requirements for receiving Medicaid healthcare benefits for the poor.

    The latter change further enraged Democrats

    "The new plan is even more draconian ... even more mean. Kicking poor people off of healthcare wasn't enough. They now want to do it faster," said Representative Jim McGovern, the senior Democrat on the House Rules Committee.

    The bill would increase Washington's borrowing authority by $1.5 trillion or until March 31, whichever comes first. The bill would pare spending to 2022 levels and then cap growth at 1% a year, repeal some tax incentives for renewable energy and stiffen work requirements for some antipoverty programs.

    The stakes are high: A long 2011 debt-ceiling standoff led to a downgrade of the U.S. government's credit rating, which pushed borrowing costs higher, and Wall Street is already flashing warning signs.

    The White House has called on Congress to raise the debt limit without conditions, as it did three times under Biden's Republican predecessor, Donald Trump.

    Lawmakers do not know precisely how much time they have left to act. The "x-date" when the Treasury Department would no longer be able to pay all its bills could come as early as June or stretch later into summer.

    Democrats also argue that the proposed tradeoff of 10 years of spending cuts is unreasonable for an increase in the debt ceiling that would trigger another potentially painful round of negotiations early next year, just as the presidential campaign heats up.

  2. #2

    Default

    Quote Originally Posted by Suppressed Poet View Post
    How willing are Democrats to compromise on spending now that it’s clear they no longer have a blank check from Congress? We’ll soon get to find out.

    https://www.reuters.com/world/us/mcc...ns-2023-04-26/
    It's dead on arrival in the Senate, so no consideration to give. A Democrat President, nor Democrat Senate will sign off on any bill restricting just passed legislation, burden the government with ten year spending caps, claw back funding of the IRS or Inflation Reduction Act, or allow any restrictions on executive powers. Not even worth considering.

  3. #3

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    The fact his own caucus didn't have unanimous support says enough. 217-215? What a laugh.

  4. #4

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    Quote Originally Posted by Seran View Post
    It's dead on arrival in the Senate, so no consideration to give. A Democrat President, nor Democrat Senate will sign off on any bill restricting just passed legislation, burden the government with ten year spending caps, claw back funding of the IRS or Inflation Reduction Act, or allow any restrictions on executive powers. Not even worth considering.
    If they don’t consider it or make any attempts to negotiate, Democrats will be responsible for defaulting this summer. Your precious federal government will simply run out of money. Then what?

  5. #5

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    Quote Originally Posted by Seran View Post
    The fact his own caucus didn't have unanimous support says enough. 217-215? What a laugh.
    There are some hard liner Republicans that will never vote in favor of raising the debt ceiling (which I think is stupid if that matters).

    It passed. Cope harder and get ready to work to earn those federal aide benefits you receive.


  6. #6

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    Quote Originally Posted by Suppressed Poet View Post
    If they don’t consider it or make any attempts to negotiate, Democrats will be responsible for defaulting this summer. Your precious federal government will simply run out of money. Then what?
    Then the government defaults, because Republicans wanted massive program cuts they won't actually detail because they're hoping to blame the President for what they're trying to force. Let me tell you, if the Government defaults, it'll destroy the wealthy first, essential programs will be paid by ongoing revenue. Personally, after Newt Gingrich tried and failed the same tactic, he lost his speakership and I guarantee McCarthy will follow the identical path.

  7. #7

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    Quote Originally Posted by Seran View Post
    Then the government defaults, because Republicans wanted massive program cuts they won't actually detail because they're hoping to blame the President for what they're trying to force. Let me tell you, if the Government defaults, it'll destroy the wealthy first, essential programs will be paid by ongoing revenue. Personally, after Newt Gingrich tried and failed the same tactic, he lost his speakership and I guarantee McCarthy will follow the identical path.
    Back in 2011 I was critical with what the Freedom Caucus did. I felt it was the Republicans that were for the most part being unreasonable.

    This time though, if we don’t get the completely out of control federal deficit spending in check now there will be devastating consequences to our country in a short amount of time. It will be this administration’s fault if they are unable to compromise and reach across the aisle. What happened to all that Biden talk about unity?

    I’ve prepared best I can be for a default if that’s the hill the Democratic Party chooses to die on. Have you?

  8. #8
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    Quote Originally Posted by Suppressed Poet View Post
    If they don’t consider it or make any attempts to negotiate, Democrats will be responsible for defaulting this summer. Your precious federal government will simply run out of money. Then what?
    I disagree, passing a bill you know the other side won’t agree to, makes you just as guilty.
    Imagine the senate crafted one and sent it to the house, could the democrats say, well if the republicans don’t agree, it’s their fault! Doesn’t work like that. Both parties will be at fault.
    Last edited by Solkern; 04-27-2023 at 06:30 AM.
    The idiot award goes to

    Quote Originally Posted by Neveragain View Post
    The Constitution is not the Declaration of Independence. (I'm not at all surprised that you don't know this)
    An hour later:
    Quote Originally Posted by Neveragain View Post
    "That to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed, that whenever any form of government becomes destructive of these ends, it is the right of the people to alter or to abolish it, and to institute new government." ~ The Constitution

  9. #9

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    Quote Originally Posted by Solkern View Post
    I disagree, passing a bill you know the other side won’t agree to, makes you just as guilty.
    Imagine the senate crafted one and sent it to the house, could the democrats say, will if the republicans don’t agree, it’s their fault! Doesn’t work like that. Both parties will be at fault.
    You're thinking logically... the media and the Left do not.

    They just "say" things to always make it the Rights fault, no matter what... you not figured that out yet?

  10. #10
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    Quote Originally Posted by Shaps View Post
    You're thinking logically... the media and the Left do not.

    They just "say" things to always make it the Rights fault, no matter what... you not figured that out yet?
    And the right does it to the left, so what exact point are you trying to make?

    I love how you imply only the “left” does it. Both parties do it all the time to each other.
    Last edited by Solkern; 04-27-2023 at 06:32 AM.
    The idiot award goes to

    Quote Originally Posted by Neveragain View Post
    The Constitution is not the Declaration of Independence. (I'm not at all surprised that you don't know this)
    An hour later:
    Quote Originally Posted by Neveragain View Post
    "That to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed, that whenever any form of government becomes destructive of these ends, it is the right of the people to alter or to abolish it, and to institute new government." ~ The Constitution

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