The Fiscal Responsibility Act now heads to the full House after passing the GOP-led Rules Committee with mixed support.
A crucial debt ceiling bill, negotiated between President Joe Biden and House Speaker Kevin McCarthy, cleared its first major hurdle on Tuesday when the Republican-led House Rules Committee approved it by a narrow vote of 7 to 6. The legislation, known as the Fiscal Responsibility Act, is now poised for a full House vote, which is expected to take place Wednesday.
The bill faces opposition from some Republican hard-liners, including two committee members, Reps. Ralph Norman of South Carolina and Chip Roy of Texas, who both voted against it, as did all four Democrats on the panel. The legislation will need to garner a majority of votes in the closely divided House, and it is likely to rely on support from Democrats to pass.
Once the bill clears the House, it will move to the Democratic-controlled Senate for approval, all while time is running out. The Treasury Department has set a deadline for Monday to prevent a default, which would have disastrous consequences for the economy.
Rep. Thomas Massie of Kentucky, one of the bill’s supporters, acknowledged that the legislation had both favorable and unfavorable elements. He indicated that members could express their views more fully during the House debate, as this vote was only a procedural step.
Critics of the bill, such as Rep. Norman, have called it “smoke and mirrors,” arguing that Republicans should have rejected any deal that didn’t align with their more conservative agenda. Despite this opposition, passage in the full House remains critical to avoid a potential default crisis.