By Kanishka Singh
WASHINGTON (Reuters) – The U.S. House Rules Committee said it would meet on Tuesday afternoon to discuss the debt ceiling bill, which must pass a tightly divided Congress before on June 5, when the US Treasury said it would run out of money to cover all of its obligations.
Democratic President Joe Biden and Republican Speaker of the House of Representatives Kevin McCarthy signed an agreement on Sunday to temporarily suspend the debt ceiling and cap certain federal spending to avoid a US debt default. . Biden said the deal was ready to go to Congress for a vote.
“The Rules Committee will meet on Tuesday, May 30, 2023 at 3:00 p.m. ET (19:00 GMT),” the panel said in a statement Monday.
The deal, if approved, will prevent the US government from defaulting on its debt and comes after weeks of heated negotiations between Biden and House Republicans. He has drawn fire from hardline Republicans and progressive Democrats, but Biden and McCarthy are counting on getting enough votes from both sides.
McCarthy predicted on Sunday that he would have the support of a majority of his fellow Republicans, and House Democratic Leader Hakeem Jeffries said he expected Democratic support.
The deal would suspend the debt limit until Jan. 1, 2025, cap spending in the 2024 and 2025 budgets, recover unused COVID funds, speed up the permitting process for certain energy projects, and include additional work requirements for food aid programs for the poor. Americans.
The 99-page bill would authorize more than $886 billion for security spending in fiscal year 2024 and more than $703 billion in non-security spending for the same year, not including some adjustments. It would also authorize a 1% increase in security spending in fiscal year 2025.
(Reporting by Kanishka Singh in Washington; Editing by Leslie Adler)