House Republicans Project Confidence Ahead of Debt Limit Deal Vote

A bill to cut federal spending by more than $1 trillion and raise the debt ceiling through the 2024 presidential election came to a House vote on Wednesday, just days before a potential government default. government debt for the first time.

While hardline Republican lawmakers threatened to try to divert the bill on TuesdayParty leaders expressed optimism that there would be enough votes, from both parties, for passage.

“This is a victory for the American people and future generations,” said Rep. Elise Stefanik (RN.Y.), chairwoman of the House Republican conference, after a more than two-hour party meeting on Capitol Hill. from USA

“I think we’ll do well with the voting,” Rules Committee Chairman Tom Cole (R-Okla.) said.

the nonpartisan The Congressional Budget Office said the bill would save about $1.5 trillion for 11 years, through 2033, with about $1.3 trillion of annual funding caps for federal agencies and programs over the next two years, with the rest of the savings coming from lower interest payments.

That’s well below about $3 trillion in new borrowing the Treasury is projected to rack up however, by January 2025. Treasury Secretary Janet Yellen has been juggling the accounts to stay below the current limit of $31.38 trillion, but said the The Treasury faces a default as soon as Monday no action

The bill, crafted during weeks of talks between House Republicans and White House negotiators, would suspend the debt limit until January 1, 2025, ensuring it won’t need to be raised again until after the 2024 presidential election, a victory for whites. Home.

But the Republicans also claimed some political victories for their side. They said Biden agreed to any terms after saying he would not negotiate on the debt limit was a victory.

The bill would also ease permitting restrictions for energy-related projects, require the administration to offset the costs of major regulations it issues, and recover $27 billion in unused COVID-related budgeting authority.

But another Republican priority, toughening work requirements for federal food assistance recipients, surprised lawmakers. The CBO said that expanding the age range of recipients required to work would reduce the number of recipients of the Supplemental Nutrition Assistance Program, but not enough to offset the number of additional new recipients eligible for the program under the policies included at the request of the White House.

The CBO said the new eligibility conditions for the homeless and veterans meant that SNAP rolls would increase slightly, by 0.2%. Rep. GT Thompson (R-Pa.) said the CBO was wrong and overcounted how many people would be newly eligible.

Although many Republican lawmakers had thought the SNAP provisions would cut attendance rolls and put more workers in the workforce, the CBO score could ease Democrats’ concerns on that issue.

To pass the House, the bill will need 218 votes. House Democratic Leader Hakeem Jeffries (DN.Y.) told reporters expected the Republican Party to bring 150 of those. It is not clear how support will be divided by party.

Asked if 150 Republican votes for a debt limit bill were realistic with defections from hardline Republicans, Rep. Matt Gaetz (R-Fla.) called it “quite possible.”