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Crucial days ahead as debt ceiling deal goes for vote and Biden calls lawmakers for support
President Biden says he "feels good" about the debt ceiling and budget deal negotiated with House Speaker Kevin McCarthy as the White House and congressional leaders work to ensure its passage this week in time to lift the nation’s borrowing limit and prevent a disastrous U.S. default.
WASHINGTON - Veering away from a default crisis, the House approved a debt ceiling and budget cuts package late Wednesday, as President Joe Biden and Speaker Kevin McCarthy assembled a bipartisan coalition of centrist Democrats and Republicans against fierce conservative blowback and progressive dissent.
The hard-fought deal pleased few, but lawmakers assessed it was better than the alternative — a devastating economic upheaval if Congress failed to act. Tensions ran high throughout the day as hard-right Republicans refused the deal, while Democrats said "extremist" GOP views were risking a debt default as soon as next week.
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Rep. Barbara Lee speaks to KTVU about the impacts of raising the federal debt ceiling
More than 7,800 people in the East Bay could lose their jobs, nearly 70,000 more could see their Social Security payments jeopardized, and 259,000 people could lose their health benefits if the federal government does not raise the debt ceiling, says East Bay Congresswoman Barbara Lee.
With the House vote of 314-117, the bill now heads to the Senate with passage expected by week’s end.
McCarthy insisted his party was working to "give America hope" as he launched into a late evening speech extolling the bill’s budget cuts, which he said were needed to curb Washington’s "runaway spending."
But amid discontent from Republicans who said the spending restrictions did not go far enough, McCarthy said it is only a "first step."
Earlier, Biden expressed optimism that the agreement he negotiated with McCarthy to lift the nation’s borrowing limit would pass the chamber and avoid an economically disastrous default on America’s debts.
The president departed Washington for Colorado, where he is scheduled to deliver the commencement address Thursday at the U.S. Air Force Academy