House Passes Debt Deal to Avoid Default

Spencer Brown / Townhall Tipsheet

 

With barely five days remaining until the projected "X-date" on which the United States is set to default on its debt, House Speaker Kevin McCarthy (R-CA) brought the Fiscal Responsibility Act — legislation resulting from a negotiated spending deal made with President Joe Biden — to the floor for consideration.

House Financial Services Committee Chairman Patrick McHenry (R-NC) heralded the successful vote on the Fiscal Responsibility Act, calling it "the most conservative spending package during my time in Congress" and "the largest deficit-reduction bill in at least a decade," one that "will fundamentally change the spending trajectory in Washington."

McHenry added:

"For the first time in a debt-limit negotiation, the U.S. government will spend less money than it did the year before. We achieved historic spending cuts that will help bring down inflation, consequential reforms to help Americans get out of poverty and back into the workforce, claw backs of billions of dollars of COVID...Read more and see tweets here.