So Far, Agreement
The U.S. House, by the barest of margins, passed a bill Wednesday afternoon which would provide a limited increase in the national debt ceiling, enough to get us into next year, along with spending cuts.
The bill now goes to the Senate, where smart money says it will not pass…but these days, with members out sick and some Democrats who are looking to a re-election campaign next year a bit wobbly, who knows. The White House is already a “no” on the bill.
It’s really the first test of Speaker Kevin McCarthy’s ability to hold his tenuous majority together on something important. Yes, four Republicans voted against the bill, but not many hours before, the number was much higher—including four Iowa Republican members who threatened to vote “no” if ethanol subsidies were gutted while subsidies for oil companies remained.
Keep in mind, this debt ceiling issue is far from over unless the Senate and White House both roll over…which won’t happen. That means it will come back to the House and once again the rookie Speaker will have to make deals and twist arms. Some analysts, while praising him for this effort, are noting it may be harder to get his caucus to stand behind him when it’s a compromise bill as opposed to one only supported by Republicans.
But a win’s a win…and obviously this Speaker takes off on a trip to Israel with that much in his pocket, as opposed to a major public failure.
