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Speaker McCarthy Releases Bill Raising Debt Ceiling Into 2025

House Speaker Kevin McCarthy on Sunday night unveiled a bill that would raise the federal debt ceiling until January 1, 2025.

page 99 financial responsibility law Freeze non-defense discretionary spending at the FY22 level and limit federal spending increases to 1% per year for six years. It also includes reforms to resume student loan payments and accelerate labor requirements for energy projects and welfare recipients. McCarthy and President Joe Biden reached a deal on Saturday night after weeks of negotiations. (Related: Kevin McCarthy, Joe Biden reach debt ceiling deal)

“The Fiscal Responsibility Act will do what we are responsible for our children, what a split government can do, and what our Principles and Promises require. “We were able to accomplish this transformational change to the way Washington operates,” said McCarthy, House Majority Leader Steve Scalise, House Majority Leader Tom Emer, and Republican Conference Speaker Elise. In a statement, Stefanik said:

Notably, the bill does not increase the debt limit by a single dollar. House Republicans passed the Limit, Conserve, and Grow Act in early May, which would raise the debt ceiling by March 2024, or $1.5 trillion. Some conservative Republicans, including members of the North Carolina House of Representatives. Dan Bishop and a member of the Texas House of Representatives. chip royhas already opposed a bill that does not set a specific amount to raise the debt ceiling.

Biden: “This deal was also a compromise, saying no one got everything they wanted, but that’s the responsibility of the rulers.” Said at a press conference on Sunday. “The Chairman and I have made it clear from the beginning that the only way forward is a bipartisan agreement. I urge you to pass it.” (Related: Cortez: McCarthy’s latest win isn’t everything conservatives hope for, but it’s a great start)

Treasury Secretary Janet Yellen Said On Saturday, the federal government is expected to default by June 5, later than originally expected on June 1. The House will have a vote on the bill by Wednesday, May 31, with rules giving lawmakers 72 hours to consider all parts. The bill needs to be passed before the leadership schedules a vote.

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