Debt Ceiling Bill Cleared for House Vote, Passage Likely
The Fiscal Responsibility Act cleared its last procedural hurdle, paving the way for an up-or-down vote on the measure by the full House.
The House approved a rule to limit debate on the bill and bar any amendments to the bill in a bipartisan vote of 241 to 187.
The bill represents a compromise agreed to by President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) to suspend the nation’s debt ceiling through Jan. 1, 2025, while cutting non-defense discretionary spending slightly in 2024 and increasing it by 1 percent in 2025.
The bill also contains permitting reforms for oil and gas drilling, changes to work requirements for some social welfare programs, and clawbacks of $20 billion in IRS funding and $30 billion in unspent COVID-19 relief funds….