Legislative commission will meet on Tuesday for the bill on the US debt ceiling

The US House Rules Committee will meet Tuesday afternoon to discuss the debt ceiling bill, which must pass a divided Congress by June 5, when the Treasury says it will You will run out of money to cover all your obligations.

The Democratic president, Joe Biden, and the Republican leader of the House of Representatives, Kevin McCarthy, signed an agreement on Sunday to temporarily suspend the debt ceiling and limit some federal spending to prevent a default on US debt. Biden said the deal was ready to go to Congress for a vote.

“The Standards Committee will meet on Tuesday, May 30, 2023 at 3:00 pm ET (19:00 GMT),” the panel said in a statement on Monday.

The deal, if approved, will prevent the government from defaulting on its debt and comes after weeks of heated negotiations between Biden and House Republicans. It has drawn criticism from both hardline Republicans and progressive Democrats, but Biden and McCarthy are confident they get enough votes from both sides.

McCarthy predicted Sunday that he would have the support of most of his fellow Republicans, and House Democratic Leader Hakeem Jeffries said he expected support from Democrats.

The agreement would suspend the debt limit until January 1, 2025, limit spending in the 2024 and 2025 budgets, recover unused COVID funds, speed up the permitting process for some power projects, and include work requirements. additional funds for food aid programs for the poor.

The 99-page bill would authorize more than $886 billion for security spending in fiscal year 2024 and more than $703 billion in non-security spending for the same year, not including some adjustments. It would also authorize a 1% increase for security spending in fiscal year 2025.

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