(WFXR)– The House passed a deal to raise the debt ceiling on the evening of May 31. The bill passed by a wide margin with a 314-117 vote.
Both sides had to give up a lot, whittling the bill down to just 99 pages.
Experts weigh in agreeing that something had to be done instead of putting the country in default, believing this is a step in the right direction.
It’s no secret that many lawmakers are not on board, including Virginia Representative Bob Good.
“We’ve essentially adopted the debt ceiling increase there are no real cuts to spending. This is going to take our national debt from 32 trillion to about 36 trillion dollars, and it will be harmful to the American people, especially to our kids and grandkids,” said Good.
On the other side, some leaders rally in support.
“I support it without hesitation, reservation or trepidation not because it’s perfect, but in divided government, we, of course, cannot allow the perfect to be the enemy of the good,” said Rep. Hakeem Jeffries, House Minority Leader.
Dueling messages were conveyed between Republicans and Democrats in the eleventh hour to prevent catastrophe, but Virginia Tech Political Science Professor Dr. Karen Hult said this deal was always set in play after Republicans took the majority of the House.
“It was very clear that the freedom caucus and some of the conservatives in the House of Representatives really wanted to see serious budget cuts and to address the budget deficit and the debt,” said Dr. Hult.
She notes it’s not just Republicans who aren’t unhappy with this version.
“Among conservative Republicans in the house, there is real unhappiness that speaker McCarthy has broken the so-called Hastert rule, and the Hastert rule says that a majority of republicans have to support anything that went through the House under Republican speakership,” said Dr. Hult.
Leaders say it would suspend the nation’s debt limit through January 1, 2025.
Some of the items that are included are medical care funding for veterans, canceling 30 billion dollars in unspent COVID-19 relief money, and keeping non-defense spending flat for 2024– to only go up by one percent in the next year.
Radford Economics Professor Jennifer Elias explained how the deal is a good decision.
“It’s a good step to at least consider reducing spending in some of these areas. I know some people wanted to see more reductions or higher taxes,” said Elias.
Elias continued to say the deal does not touch medicare, social security, and national defense which is the largest portion of spending.
She told WFXR she expects the general public to take issue with work requirements for SNAP benefits because some folks will have to keep working longer to keep receiving the assistance.
The fate of the legislation now lies in the hands of the U.S. Senate.
