The House GOP leaders are confident that the McCarthy debt limit bill will pass, despite facing opposition from some Democrats. The bill, named after House Minority Leader Kevin McCarthy, seeks to raise the U.S. debt limit by over $2 trillion through December 2022.
McCarthy and other Republican leaders have called for bipartisan support for the bill, arguing that it is necessary to prevent a potentially catastrophic default. “We’re not going to play politics with the debt limit,” McCarthy said in a recent press conference. “We’re going to ensure that we protect the full faith and credit of the United States.”
However, some Democrats have criticized the bill, which they say fails to address underlying issues with federal spending and taxation. “This is just kicking the can down the road and ignoring the larger fiscal problems we face,” said one Democratic representative.
Despite these concerns, the House GOP remains optimistic about the bill’s chances. They have pointed to support from key Democratic lawmakers, as well as the urgency of addressing the debt limit before the U.S. faces potential default.
“This is not a time for partisanship or political games,” said a House GOP spokesperson. “We need to come together and do what’s best for the country.”
The McCarthy debt limit bill is set to move through the House and Senate in the coming weeks, with President Joe Biden expected to sign it into law. While the bill may not be perfect, its backers argue that it represents an important step towards addressing the country’s ongoing fiscal challenges.