House leaders are whipping votes to approve the legislation as soon as Wednesday, and it could come before the Senate Thursday.
Topline
President Joe Biden expressed confidence Monday that a bill to avert a debt ceiling crisis will pass by the June 5 deadline to avert default—as some lawmakers are threatening to derail the bipartisan legislation that was unveiled after a last-minute negotiating marathon between the White House and GOP congressional leaders.Key Facts
Biden said “there is no reason why it shouldn’t get done by the 5th,” when asked by a reporter outside of the White House on Monday if there was “no question” the bill would pass.
Biden’s optimism comes less than 24 hours after he and House Speaker Kevin McCarthy (R-Calif.) unveiled legislation to suspend the debt ceiling until January 2025, in a bid to stave off a catastrophic financial crisis if the U.S. defaults on its financial obligations.
While congressional leaders and the White House united behind the bipartisan deal, some lawmakers expressed plans to vote against the bill or demand changes that could delay its passage past the June 5 “X-Date” Treasury Secretary Janet Yellen has identified.
