Speaker McCarthy Notches Biggest Win To Cut $ Trillions and the Senate Has Grown a Spine
Speaker McCarthy Notches Biggest Win and the Senate Has Grown a Spine
House Speaker Kevin McCarthy has gotten a debt limit bill through the House, ending weeks of speculation from detractors and putting the ball squarely in Joe Biden's court. What's more, the fact that McCarthy has suddenly received an outpouring of support from Republicans in the Senate - including moderate ones - shows the GOP is ready to start fighting back.
The Limit, Save, Grow Act passed the House last night, representing McCarthy's biggest win since he overcame opposition to his Speakership earlier this year. While the White House and the Democrats have been claiming they won't accept anything other than a clean debt ceiling increase, McCarthy's victory here will force the Biden administration to come to the table with Republicans, which itself is a big victory.
Moreover, the fact that he's received support from Mitch McConnell (as well as others) is key, as it means the White House can't do an end-run around the House and force the issue.
LIMIT FEDERAL SPENDING
The bill would set federal discretionary spending at $1.47 trillion during the next fiscal year and allow it to increase only 1% annually from there, far below the rate of inflation in most years.
The cap on spending is the big-ticket item in the bill, accounting for about two-thirds of the $4.8 trillion in deficit reduction that the Congressional Budget Office says would occur over 10 years if the bill is enacted.