The latest on the debt ceiling deal:
- The House voted to pass Speaker Kevin McCarthy's debt ceiling deal with President Joe Biden tonight on a 314-117 vote.
- The bill will now go to the Senate ahead of Monday’s deadline to act or risk a catastrophic default on the nation's debt.
- The vote was a major test for McCarthy, R-Calif., who narrowly won the speakership in January and has faced threats to his gavel from far-right members.
- Hard-line Republicans had trashed the agreement and urged fellow members to vote no, but the bill passed with bipartisan support after it cleared a key procedural vote earlier today.
- If it becomes law, the bill would suspend the debt ceiling for two years, through the next presidential election, along with some modest spending cuts and policy provisions.
McCarthy suggests he'll push for more cuts and work requirements now
McCarthy suggested at a news conference that he'll seek more spending cuts and new work requirements now that Democrats have voted for them in the broader debt ceiling deal.
"I think it’s wonderful that they voted for it, because they are now on record, so they can’t sit there and yell, 'This isn’t good.' So I’ll bring something back.
"Let’s get the rest of the IRS agents, let’s get the rest of the work requirements, let’s cut more, because we are in a big debt," McCarthy said. "This is fabulous. This is one of the best nights I’ve ever been here. I thought it would be hard. I thought it’d be almost impossible just to get to 218. Now I've found there’s a whole new day here. We’ve woken them up."
McCarthy 'didn't talk much' with Trump about debt deal
At his news conference after the House passed the debt bill tonight, McCarthy said that while "I speak to President Trump, we didn’t talk much about the bill."
Trump had called on Republicans to allow a default if they didn't get "EVERYTHING THEY WANT (Including the 'kitchen sink')" in a post on Truth Social this month. Tonight, in his first comments on the actual deal, he said, "It is what it is."
Schumer preps debt ceiling bill to start the process tomorrow
Schumer just placed the debt limit bill on the Senate calendar so senators can start the process to pass it tomorrow. The measure could take several days to get through the Senate, depending on whether all senators agree to move forward quickly.
“There’s been a very good vote in the House. I hope we can move the bill quickly here in the Senate and bring it to the president’s desk as soon as possible," Schumer said.
How the debt ceiling deal got done
Right up until the end, the White House was exploring contingency plans in case the high-stakes talks with Republicans to raise the debt ceiling and avert economic disaster collapsed.
The White House was considering the unprecedented step of bypassing Congress altogether and invoking the Constitution’s 14th Amendment, which states that “the validity of the public debt … shall not be questioned.”
President Joe Biden worried that there wasn’t enough time for the inevitable court challenge to play out if he went down that road. But he took the idea seriously — so seriously that the White House counsel’s office consulted at least two outside legal experts about the 14th Amendment just days before the deal was announced, people familiar with the matter said.
A lead House negotiator in the showdown with Biden, Rep. Garret Graves, R-La., told reporters Wednesday that had Republicans spurned negotiations and let the nation default on its debt, it would have resulted “in the president trying to invoke the 14th Amendment,” as well as a missed opportunity for Republicans to press for spending cuts.
But that break-glass option wouldn’t be needed.
McCarthy says 'we did pretty dang good' for Americans
In remarks after the vote tonight, McCarthy said House Republicans were victorious in achieving a key goal to cut spending.
"Tonight we made history," McCarthy said.
He said that since he was elected speaker, he had been thinking about the debt ceiling and this legislation.
"Is it everything I wanted? No. But sitting with one House, with a Democratic Senate and a Democratic president who didn't want to meet with us — I think we did pretty dang good for the American public," he added.
McCarthy's sentiments were echoed by House Majority Leader Steve Scalise, R-La., who suggested that the debt ceiling was just "the beginning" of an effort to change how money is spent in Washington.
"Nobody said it would be easy to break Washington’s out-of-control spending pattern," Scalise said. "It’s just the beginning. This is by far not the end. It is the beginning of changing the pattern of spending in Washington."
(VIDEO) McCarthy speaks after House passes debt ceiling bill
GOP Rep. Buck says 'stay tuned' on talks about removing McCarthy as speaker
Rep. Ken Buck, R-Colo., who floated forcing a vote to remove McCarthy as speaker over the debt deal this week, also known as a "motion to vacate," said tonight that the discussion will happen "in the next week or two."
"What happened was conservatives joined with McCarthy to get McCarthy elected. Now Democrats have joined with McCarthy to pass bills," Buck said. "So there was a big reassessment of the coalition for power in the House. ... There will be a discussion, motion to vacate. Yeah. Stay tuned.
"My constituents are furious," Buck continued. "And you know what's so interesting about the calls in the district? They are not only 'Vote against this bill,' but they are 'Take McCarthy out.'"
Asked for his reaction if Democrats stepped in to save McCarthy on a motion to vacate, Buck responded: "It's like a date with a eunuch."
Asked to elaborate, he said, "He does not have much power when he relies on Democrats to keep him as speaker."
House Democratic whip says 'we won'
Democratic Whip Katherine Clark celebrated passing the deal through the House, saying her party has upheld its commitment to the American people.
"From the beginning of this manufactured crisis, Democrats have been committed to doing what is responsible — preventing a catastrophic default and protecting the services Americans rely on. Tonight, we upheld that commitment," Clark, D-Mass., said in a statement.
She also slammed "MAGA Republicans," alleging that they "forced a lose-lose proposition onto the American people: devastating cuts or a devastating default."
“There is no perfect negotiation when you’re the victim of extortion. But under the leadership of President Biden, we fought for core Democratic priorities and won, protecting Social Security, Medicare, climate resiliency, veterans’ benefits, and health care," Clark added.
Biden says debt ceiling bill meets test of 'bipartisan compromise'
Biden expressed relief in a statement tonight over a "critical step forward" to prevent default while urging the Senate to quickly pass the legislation.
"Tonight, the House took a critical step forward to prevent a first-ever default and protect our country’s hard-earned and historic economic recovery. This budget agreement is a bipartisan compromise. Neither side got everything it wanted. That’s the responsibility of governing," Biden said.
Biden thanked McCarthy for "negotiating in good faith" and touted the agreement's protections for Social Security, Medicare and Medicaid.
"It protects critical programs that millions of hardworking families, students, and veterans count on," Biden said. "I have been clear that the only path forward is a bipartisan compromise that can earn the support of both parties. This agreement meets that test."
McConnell praises McCarthy
House Republican unity around McCarthy's debt ceiling plan forced Biden to the table and got new federal spending cuts, McConnell tweeted Wednesday night.
"Tonight’s passage of the Fiscal Responsibility Act is an important step in the right direction. Now, it’s the Senate’s turn to pass this agreement without delay," he added.