House Speaker Kevin McCarthy - Photo by NY Post
WASHINGTON DC (WSAU) – The House Rules Committee has passed the Fiscal Responsibility Act, which aims to prevent a federal default, and it will now be voted on on the House floor.
According to ABC News, the committee approved the debt ceiling agreement reached by House Speaker Kevin McCarthy and President Joe Biden on a 7-6 vote late Tuesday night.
Rep. Tom Tiffany (R-WI) stopped short of saying he will not be supporting the Act, saying in a tweet, “Congress cannot keep mortgaging the future of our children and grandchildren. Wisconsinites sent me to Congress to shrink Washington and grow the American economy, and this bill failed to meet the moment.”
The Act will increase the debt ceiling to $35 trillion, an increase of $4 trillion.
During an interview with Harris Faulkner, Speaker Kevin McCarthy discussed House members’ plans to vote against the Act, saying, “We’ll get it done overwhelmingly,” McCarthy said. “Before this, I had 17 Republicans who had never voted for a debt ceiling period. To govern is not easy, but I don’t want to be on the wrong side of history. Every single one of the members who vote ‘no’ will miss the opportunity to vote for the largest cut in American history.”
The adoption of the bill comes as lawmakers prepare for the “X-date,” or the day when the government would not have enough money to fully pay its debts, which some experts including Treasury Secretary Janet Yellen have said could happen as early as June 5.
The public debt ceiling would be momentarily suspended under the Fiscal Responsibility Act of 2023, with the suspension expiring in January 2025.
According to CNBC, a vote on the House floor is scheduled for tonight at 8:30 p.m.
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