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The bill hammered out by US leaders to prevent the country from a catastrophic default on its debts will face one last hurdle this week: Passing Congress.
Top Republicans and Democrats scrambled Monday to secure congressional support for the measure, with President Joe Biden feeling “very good” about its prospects despite having just days left before the government starts running out of money.
The deal, finalized Sunday by Biden and House Speaker Kevin McCarthy after weeks of frantic negotiations, faces opposition from the progressive and hard-right wings of their respective parties.
Ultra-conservative Republicans feel McCarthy should have secured far deeper spending cuts in exchange for raising the debt ceiling and allowing the government to keep borrowing money.
The left wing of the Democratic Party is equally unhappy that Biden agreed to any spending limits at all.
The House Rules Committee will meet Tuesday to set the parameters for the upcoming vote, now scheduled for Wednesday.
Biden and McCarthy both say they believe the bill will pass the House and then move swiftly to the Senate.
“I never say I’m confident what the Congress is going to do. But I feel very good about it,” Biden said Monday, adding that he had spoken to lawmakers.
But organized dissent could force some nerve-shredding delays.
The key deadline is June 5 — when, according to Treasury estimates, the government will no longer have the funds required to pay all its debts and bills.
