While it is not yet clear if McCarthy has the votes he needs even with the changes, he hopes passage of the bill will pressure Biden into talks over raising the borrowing cap. McCarthy changes debt limit bill to lure holdout votes:
The House Rules Committee amended the bill to restore a few tax breaks for biofuels and investments that would have been cut, after fierce opposition from Midwestern lawmakers.
McCarthy has said he hopes passage of the bill will pressure President Joe Biden into talks over raising the borrowing cap, with a possible US payment default looming as soon as June without congressional agreement.To balance the loss of savings from the fresh compromise, the bill makes would cancel additional funding from last year’s climate law.
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McCarthy overhauls debt limit plan amid internal divisionsSpeaker Kevin McCarthy reversed course Wednesday and agreed to change the GOP’s debt limit legislation after failing to unite House Republicans behind the original proposal.
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House Republicans eye Wednesday vote on debt limit bill after making changesHouse Republican leaders say they hope to push forward with a vote to raise the debt limit after making a series of changes overnight to win over holdouts. 'We can vote as early as today on this,' Rep. Steve Scalise says.
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