MEXCUnited States Set To Vote On Debt Limit Bill, Rep. McHenry Confident On Majority
On Wednesday, the House of Representatives will vote on an important measure that would postpone the country’s debt ceiling until January 1, 2025. While lawmakers from both parties toil frantically to avert a possibly disastrous default, this vital action comes after days of intense negotiations and considerations between Republicans and the Biden administration.
McHenry Remains Confident On Vote
Addressing the upcoming vote on Wednesday, Representative Patrick McHenry, who represents North Carolina’s 10th congressional district and played a key role in the debt ceiling negotiations, expressed confidence in the bill’s passage. McHenry noted that enough votes have been secured to ensure the debt limit deal’s success, asserting, “I think the votes are there on both sides.”
Read More: US Representative Unveils Bill To Block CBDC Pilot Program
The proposed legislation, the result of extensive negotiations, imposes limits on discretionary spending over the next two fiscal years. It also establishes a set of funding checks and balances that will remain in effect until after the 2024 elections. Named the Fiscal Responsibility Act of 2023, this bipartisan agreement between the White House and House Republicans aims to address the pressing issue of the nation’s debt limit.
Bipartisan Agreement After Negotiations
The proposed legislation, the result of extensive negotiations, imposes limits on discretionary spending over the next two fiscal years. It also establishes a set of funding checks and balances that will remain in effect until after the 2024 elections. Named the Fiscal Responsibility Act of 2023, this bipartisan agreement between the White House and House Republicans aims to address the pressing issue of the nation’s debt limit.
Although the passage of the bill by the House would mark a significant milestone, the legislation would still need to be approved by the Senate and subsequently signed into law by President Joe Biden. However, the potential delays caused by individual lawmaker remains a concern, prompting Senate Majority Leader Chuck Schumer to advise lawmakers to be prepared for possible votes on Friday or even over the weekend.
Also Read: Binance To Disable Privacy Coins DASH, XMR, ZEC In France
- Canary XRP ETF Filing Removes SEC Delay Clause, Targets November Launch
- CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement
- Senate Committee Finalizes Updated Crypto Market Structure Bill Draft, Release Expected In Days
- €648 Billion Nordea To Allow Customers to Trade Bitcoin-Linked ETFs
- Uphold Joins Gemini, Relaunches XRP Debit Card Following SEC Lawsuit Resolution
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
- Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
- Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
