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Last week, the US avoided a potentially disastrous default by passing a debt ceiling increase in both wings of Congress. The House managed to pass the compromise on May 31st, while the Senate closely followed on June 1st. President Biden signed the legislation over the weekend on Saturday, bringing the crisis to a close. The deal increased the existing limit up until an expected January 2025 date and level, meaning the next potential increase will likely fall on the newly elected 119th Congress to figure out.
The agreement actually relied more heavily on Democratic support to pass in both the House and Senate. In the upper chamber, the legislation passed in a 63-36 vote, with 44 Democrats (and both Independents) voting in favor, while only 17 Republicans did so. Although there doesn’t appear to be much fallout amongst Republican leadership in the Senate, this does not appear to be the case in the House. Several members of the conservative House Freedom Caucus have tried to halt the regular legislative processes on the floor this week, in a surprise move to try and get Republican leadership to clarify some of their rules going forward.
The smaller-than-expected number of GOP supporters for Speaker Kevin McCarthy’s debt ceiling deal has called into question his foothold as the top Republican in the House. Several critical voices have claimed he broke key promises made during his efforts to secure the Speaker’s gavel earlier this year. It remains to be seen whether there will be an official challenge to his position, but the small “revolt”—as many outlets have coined it—will need to be taken seriously given the Republicans’ slim control of the House.
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