Torn with tweezers after marathon negotiations, the text aimed at raising the US debt ceiling comes before the elected representatives of the House of Representatives on Wednesday, but the vote also promises to be stormy.
Congress has gained a few days of respite: the country’s coffers shouldn’t be dry until June 5, and not June 1, according to a refined estimate given Friday by Treasury Secretary Janet Yellen.
The agreement reached between Democratic President Joe Biden and Republican House Leader Kevin McCarthy has yet to be validated by elected officials, some of whom have already shown clear opposition. Without this, the United States risks an unprecedented default, with potentially catastrophic repercussions for the economy.
A vote scheduled for Wednesday.
The House Rules Committee on Tuesday gave a first indication of the trend ahead by upholding the bill, voting seven to six, with two Republicans and four Democrats voting against it.
It is now up to the elected members of the House, with a Republican majority, to decide. A vote is scheduled for Wednesday in plenary session before the Democratic-majority Senate does the same.
On Tuesday, Joe Biden “strongly” invited elected officials to adopt this legislation, the result of the compromise he himself negotiated. “Let’s move forward on our obligations and build the most powerful economy in human history,” he added.
The hardest part is yet to be done for Kevin McCarthy: convincing his Republican majority to accept the new law, so as not to appear dependent on elected Democrats.
The task could prove more difficult than expected, as opposition within the Republican Party appears to outpace former President Donald Trump’s support in the House.
Source: BFM TV
