House Republicans pass debt ceiling bill, call for spending cuts

The House of Representatives on Wednesday passed Speaker Kevin McCarthy’s legislation that would raise the national debt limit by $1.5 trillion. Representatives voted 217 to 215 in favor of the measure, with four Republican representatives joining Democrats to oppose it. While raising the debt limit, the package of bills would cap federal spending increases at one percent per year over the next decade and recall unspent federal COVID-19 relief funds. It would also cut some other spending, such as President Joe Biden’s plan to forgive student loan debt.

What is the primary goal of this bill? Senate Majority Leader Chuck Schumer says the bill will not make it through the Senate, and Biden has refused to negotiate on any debt ceiling proposals that include spending cuts. Lawmakers on both sides of the political aisle have called on Biden to resume budget negotiations with McCarthy as the June 5 deadline to raise the debt limit approaches. The men have not met since early February. 

Dig deeper: Read Leo Briceno’s primer in WORLD Magazine about the debt limit debate.