US Lawmakers Rush to Approve Debt Ceiling Bill, Avoid Default as Deadline Looms

The US House and Senate are racing against time to enact a debt limit measure and prevent a default this week.

Over the weekend, President Joe Biden and Speaker Kevin McCarthy (R-Calif.) achieved a tentative deal to extend the borrowing ceiling, necessitating urgent congressional action.

Following Treasury Secretary Janet Yellen's warning that the US may run out of cash to satisfy its financial commitments, lawmakers are under tremendous stress as the Monday deadline approaches.

The House Rules Committee, with nine Republicans and four Democrats, will convene at 3 p.m. ET to set debt limit measure parameters when Congress returns from Memorial Day break, according to The Hill.

When McCarthy arrived at the US Capitol on Monday, he played down his worries and exuded confidence despite these possible obstacles.

On Tuesday, the House Rules Committee will vote on the debt ceiling discussion rule. The GOP leadership wants to vote on the legislation on Wednesday if the committee approves it before sending it to the Senate.

A Challenging Situation For Both Parties

As conservatives and liberals oppose the proposal, Republican and Democratic leaders must win over their parties.

Two of the nine Republicans on the committee, Reps. Ralph Norman of South Carolina and Chip Roy of Texas, both conservative House Freedom Caucus members, have publicly denounced the US debt limit arrangement, ABC News reported.

Kentucky Republican Rep. Thomas Massie, a fiscal conservative, has also been considered a holdout. However, McCarthy praised him on Sunday for putting out a backup plan for spending reductions in the agreement with the White House.

Assuming all members are present, the measure will reach the House floor on Wednesday evening and need 218 votes to succeed. If conservative defections get four, the Republicans' 222-213 majority may need Democratic cooperation.

Conservatives have used the US debt limit battle to pressure the White House into abandoning President Biden's proposal to forgive up to $20,000 of college debt for millions of Americans, according to Politico. The US debt ceiling deal agreed on Saturday is said to have preserved the entire program.

However, the deal solidifies the Biden administration's decision to lift the summertime moratorium on monthly student loan payments and interest. The Education Department had planned to restart payments in September.