House Speaker Kevin McCarthy Defends Compromise on Debt Ceiling

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On Wednesday night, the House voted to pass the ‘Fiscal Responsibility Act’ in a compromise to rein in spending while increasing the debt limit. The bill passed 314-117, gaining a large majority from both Republicans and Democrats, and will now make its way to the Senate. According to Breitbart, the rush to pass the legislation comes as a result of Treasury Secretary Janet Yellen’s warning that a debt default could happen as soon as June 5. 

The bill increases the debt limit, which is currently at $31 trillion, through January 2025. Still, Republican leaders are celebrating the vote due to the budget compromise. Republicans were able “to secure spending caps for the next two years, recissions of unspent covid money, expanded work requirements for welfare recipients, and the resuming of student loan payments, among other items.”


House Speaker Kevin McCarthy (R-CA) expressed his praise for striking a deal that he claimed is “the largest deficit reduction package in American history.” In a joint statement with GOP leadership, McCarthy said “taxpayers will save an estimated $2.1 trillion, and Congress will spend less money next year than this year for the first time in a decade — without adding new taxes on families.”

In the months prior to the negotiations between President Biden and Kevin McCarthy, Biden refused to meet to discuss the debt ceiling. Biden made sure to share at a press conference that he did not compromise on the debt ceiling, but only compromised on the budget. Biden said, “If you want to try to make it look like I made some compromise of the debt ceiling, I didn’t. I made a compromise on the budget.”


Still, McCarthy was sure to emphasize that he believes the bill “takes a step toward smaller government, less regulation, more economic growth, and more take-home pay.” McCarthy also pointed out that members of Congress were able to read the bill before voting on it, “unlike previous speakers,” he added. 

While not every House Republican supported the legislation as some expressed that they believe it will not rescue America from “deep financial trouble,” two-thirds of Republicans voted to pass it. Republicans who did support the bill were impressed with the aspect that it would alter the government’s spending habits. Thomas Massie (R-KY) said this bill provided the opportunity to bring the amount of government spending under control. 

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