The House voted on Wednesday night to pass the Fiscal Responsibility Act, the bill codifying the deal between President Joe Biden and House Speaker Kevin McCarthy, R-Calif., to raise the debt ceiling. The final vote — 314 — 117, with Democrats providing the majority of the votes in favor — highlighted just how much the final agreement changed versus when the GOP passed its “Limit, Save, Grow Act” in April.
With just days before a June 5 deadline that would have left the U.S. unable to pay its bills, there’s been no time to spare in actually getting the deal through Congress. Tellingly, the vote reflects the fact that the deal is bipartisan in the sense that it’s gotten votes from both parties, not that it is a win for both parties equally. Likewise, it is a compromise in that only some Americans will have their lives impacted for the worse. The alternative was either a massive hole Republicans tried to cut into the social safety net with their original bill, or widespread economic chaos a default would have caused.
In all, though, it is clear that the bill could have been much worse. The Republican priorities it contains have been significantly pared back and there are a few Democratic priorities that were unexpectedly worked into the deal. Below is a look at exactly what the bill does.
The Good: The hostage lives.
First, the deal raises the debt ceiling until Jan. 1, 2025. That’s almost a full year later than Republicans initially wanted, punting the issue until after the next presidential election. Its budget provisions also get us through the next two fiscal years, which means the odds for a potential government shutdown have shrunk significantly. And, importantly, no matter what happens in 2024, the debt limit revision expires when Democrats will still control the Senate and White House.
In all, though, it is clear that the bill could have been much worse.
The bill is proof that Biden successfully defended the vast majority of his agenda passed by…
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