The chances of a historic default are now remote.
Global markets edged higher Thursday morning after last night's passage of the debt ceiling bill in the U.S. House of Representatives.
Its final passage in the House came as a relief for House Speaker Kevin McCarthy, R-Calif. The bill, which averts a default on the nation's $31.4 trillion debt and limits discretionary spending, passed by a vote of 314-117.
Over 70 Republicans voted against the deal after the House Freedom Caucus spoke out against it. Meanwhile, dozens of progressives opposed it, frustrated by their perception that President Biden didn't fight harder against McCarthy's budget cuts.
While pundits expect the proposal to pass by a wide margin in the U.S. Senate, some members have already come out against the package.
The Hill continues:
As he wrapped up his post-vote press conference, Speaker Kevin McCarthy was asked if he and former President Trump had discussed the debt ceiling legislation.
“I speak to President Trump, but we didn't talk much about the bill,” McCarthy said, followed by: “We don't want to end on that question. Let's end on something else.” And he asked reporters if they'd be there when he left his office.
Declaring “we can't keep doing the same thing” and “with only one party,” Speaker Kevin McCarthy says he's going to ask Democratic Minority Leader Hakeem Jeffries “to nominate and appoint people who will be serious” for a commission to look at duplication in the budget.
McCarthy said a similar effort was put together after World War II when debt hit 102 percent of GDP.
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Cut 50T from budget debt
I like that he will be looking for duplicate spending to eliminate that cost and that he did cut spending quite a bit. But I can’t help but wonder if he had pushed harder if he could have kept the ceiling lower or nor raised it at all. But considering how the Democrats use the media they’d only have lied to make him and the GOP look to be at fault. GOP just has to become for aggressive and the conservative medias have to become bigger & stronger to back them !
McCarthy could have been much tougher and received more in the deal. Bumbling Biden would have had ownership of any default during his watch. Kevin didnt use all the strength that he had.
That’s what short-sighted and foolish Americans get for electing DemoCreeps.