Representative Scott Perry of Pennsylvania, chair of the Freedom caucus, said on Twitter before the vote: “President Biden is happily sending Americans over yet another fiscal cliff, with far too many swampy Republicans behind the wheel of a ‘deal’ that fails miserably to address the real reason for our debt crisis: SPENDING.” They belittled the debt ceiling compromise as a paltry effort to tackle the nation’s debt, which stands at more than $31tn. However, the concessions that McCarthy won fell far short for members of the Freedom caucus, who had pushed for steeper spending cuts and much stricter work requirements for benefits programs. As part of his negotiations with Biden, McCarthy successfully pushed for government spending cuts and changes to the work requirements for the Supplemental Nutrition Assistance Program. The debt ceiling bill passed by the House would suspend the government’s borrowing limit until January 2025, ensuring the issue will not resurface before the next presidential election.
“I have been clear that the only path forward is a bipartisan compromise that can earn the support of both parties. Neither side got everything it wanted,” Biden said in a statement. “This budget agreement is a bipartisan compromise. The treasury secretary, Janet Yellen, has warned that the federal government will be unable to pay its bills starting 5 June unless it was allowed to borrow more. “Tonight, we all made history.”īiden applauded the House passage of the legislation, calling on the Senate to quickly take up the legislation to avoid a default. I wanted to do something no other Congress has done,” McCarthy told reporters after the vote. “I have been thinking about this day before my vote for speaker because I knew the debt ceiling was coming. Taking a victory lap after the bill’s passage, McCarthy downplayed concerns over divisions within the House Republican conference and celebrated the policy concessions he secured in his negotiations with Biden.
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