Today, the House of Representatives will fight through rough waters to secure their economic future. This $4 trillion increase in debt is a steep ask, accompanied by little to no guidance on how to manage it, making one wonder if the spending may be unlimited and unedited in the future. The cuts being suggested, while considered a win, are trifling at best. The desired outcome is by no means assured as House Speaker, Kevin McCarthy, struggles to wrangle internal opposition amongst his own party members, which is hardly surprising as there are some glaring flaws within this plan. At a crucial point like this, playing with fire is not something to be taken lightly.
Debt Vote Today: Rules Committee Sends McCarthy's Deal to the House Floor https://t.co/0Fjjr59L9M
— Townhall.com (@townhallcom) May 31, 2023
However, despite the risks, this bill is necessary. If we fail to pass it, we could be heading towards a financial disaster. Janet Yellen, Treasury Secretary, said that we were facing a default deadline on June 5. She appears to be moving the goalposts on the deadline, much like a college professor may delay a term paper.
President Joe Biden, alongside McCarthy, has negotiated this bill, which has passed the Republican-led House Rules Committee, and is scheduled for a vote Wednesday in the full chamber. It is needless to say that this bill will require some Democratic votes.
At this point, every vote counts, even the ultraconservatives on the Rules Committee, like Rep. Thomas Massie, R-Ky., who has expressed his support for this bill. He acknowledges that there are pros and cons to this legislation but wants to reserve his right to vote his ideology on the floor of the House.
Opposition is coming from within the party with Reps. Ralph Norman of South Carolina and Chip Roy of Texas, both Republicans, opposing the bill. Norman criticized this bill, calling it “smoke and mirrors,” and argued for the party leaders to force Democrats to accept the GOP-led debt limit legislation.
The situation at hand is precarious, with the conservative wing, loudly voicing their doubts and criticisms about this deal. With Democrats also unenthusiastic about their support for McCarthy, the situation is looking precarious for the GOP. Sen. Rand Paul, R-KY, has offered an alternative but with increasing intra-party drama, it might be just the beginning. The Democratic-led Senate could be the tipping point, leading things to go off the rails. This will be a tightly contested battleground, and we should be prepared to hold onto our hats.