House to pass debt ceiling bill on June 1

The debt ceiling deal between House Speaker Kevin McCarthy and President Joe Biden has cleared a major procedural hurdle in the House, setting the stage for a vote in the chamber on June 1, four days before the US default warning.

The vote to begin debate on the bill passed the House of Representatives on the afternoon of May 31 (US time) by a margin of 241-187. Although Republicans control the House by a narrow margin of 222-213, McCarthy still needs the support of 52 Democrats to offset the 29 Republicans who voted against.

Previously, Mr. McCarthy predicted that the debt ceiling bill would be passed in the House of Representatives with an "overwhelming" majority, promptly preventing a debt default with huge risks for the world's largest economy.

“We’re going to do it brilliantly. It’s not easy to govern, but we don’t want to go against history,” McCarthy said in an interview with Fox News on the morning of May 31.

According to Mr. McCarthy, the next vote to pass the bill will take place in the House of Representatives at about 8:30 p.m. on June 1 (about 00:30 on June 2, Vietnam time) and will end well. "It will become law," the Speaker of the House confidently said.

The US debt will hit its statutory $31.4 trillion ceiling on January 19, 2023. Photo: NY Times

After passing the House, the bill will move to the Senate and then to the president’s desk. The White House said Biden hopes to have the bill in his office by the June 5 deadline.

If passed, the bill would suspend the US debt ceiling until January 1, 2025, allowing Mr. Biden and lawmakers to put aside political risks until after the November 2024 presidential election.

The bill would also cap some government spending over the next two years, speed up permitting for some energy projects, recover unused Covid-19 funds and expand requirements for people receiving food assistance.

Despite opposition from many Republicans and Democrats, Mr. McCarthy and the White House remain optimistic about the bill's chances of passing.

“We’re going to solve the debt ceiling. I think everything is going according to plan. I’m flying out to Colorado tonight to prepare for my commencement address at the Air Force Academy tomorrow. By the time I land, Congress will have acted, the House will have acted, and we’ll be one step closer,” Biden said at the White House on May 31 .

Nguyen Tuyet (According to Bloomberg, Financial Times, Reuters)

Source: https://www.nguoiduatin.vn/ong-mccarthy-ha-vien-se-thong-qua-du-luat-tran-no-toi-1-6-a610550.html