by Kanishk Singh
WASHINGTON (Reuters) – The U.S. House Rules Committee will meet on Tuesday afternoon to discuss a debt ceiling bill that a divided Congress must pass by June 5, when the Treasury says it will have enough money to meet all its obligations. will go out.
Democratic President Joe Biden and House Republican Leader Kevin McCarthy signed an agreement on Sunday to temporarily suspend the debt ceiling and limit some federal spending to avoid a government debt default. Biden said the deal was ready to go to Congress for a vote.
“The Standards Committee will meet on Tuesday, May 30, 2023 at 3:00 PM ET (1900 PM GMT),” the panel said in a statement on Monday.
The deal, if approved, would prevent the government from defaulting on its debt and comes after weeks of heated negotiations between Biden and House Republicans. It has drawn criticism from both radical Republicans and progressive Democrats, but Biden and McCarthy are confident they have enough votes from both sides.
McCarthy predicted on Sunday that he would have the support of most of his fellow Republicans, and House Democratic Leader Hakeem Jeffries said he expected support from Democrats.
The agreement will suspend the debt ceiling until January 1, 2025, limit spending in the 2024 and 2025 budgets, recover unused COVID funds, speed up the permitting process for some power projects, and include work requirements . Poor.
The 99-page bill would authorize more than $886 billion in security spending in fiscal year 2024 and more than $703 billion in non-security spending in the same year, not including some adjustments. It would also authorize a 1% increase for security spending in fiscal year 2025.
(Reporting by Kanishka Singh in Washington; Editing in Spanish by Javier López de Lerida)