PanamaTimes

Friday, Jun 14, 2024

Crisis Brewing: US Debt Ceiling Bill Faces Opposition From Both Sides

Crisis Brewing: US Debt Ceiling Bill Faces Opposition From Both Sides

The US debt crisis bill, finalized by President Joe Biden and House Speaker Kevin McCarthy after weeks of negotiations, faces opposition from both the progressive and hard-right wings of their respective parties.
The bill, which lifts the federal debt ceiling for two years, is set to be voted on in the House on Wednesday.

If passed, the bill will then move to the Senate.

The timing of the bill is crucial for President Biden, who wants to avoid another debt ceiling showdown during his re-election campaign.

The bill is seen as a mutual climb down for both Biden and the Republicans, with spending limits agreed upon but not as deep as the cuts the Republicans wanted.

Failure to pass the bill before the government runs out of money on June 5 could result in a catastrophic default.

The US-Mexico-Canada Agreement (USMCA) trade deal has been reached between the three countries, and hard-right House Republicans have already stated that they will vote against it.

Ro Khanna from the House Progressive Caucus said that many Democrats are still undecided on the deal.

The deal includes a measure to accelerate completion of an oil pipeline project, which may upset environmental Democrats.

The House and Senate are expected to reconvene on Tuesday to vote on the deal, and the White House and Republican leadership have held conference calls with members to push the final deal.
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