As the deal to raise the U.S. debt ceiling comes to a vote in the House of Representatives on Wednesday, here’s a quick roundup of the three biggest obstacles to it becoming law.
House Republicans
After narrowly getting through the House Rules Committee on Tuesday, the bill needs the approval of 218 of the 435 members of the House of Representatives. If it gets that, it can move forward to a vote in the Senate, where it needs 60 out of 100 votes. After that, it goes to President Joe Biden’s desk for a final signature.
The biggest test may come today. Before the official debate even started, some 30 House Republicans had spoken out to say they opposed the measure. Others said they were undecided.
House Speaker Kevin McCarthy, who negotiated the deal on behalf of Republicans, needs a majority of the 222 House Republicans to vote in favor. His job as speaker hangs in the balance.
House Democrats
McCarthy will have to rely on Democratic votes to get the bill through the House, since the number of Republicans against the bill is bigger than the party’s majority.
A handful of Democrats have also come out against the deal, objecting to the reductions in spending and provisions that change work requirements for food stamps.
Still, House Minority Leader Hakeem Jeffries said Tuesday that Democrats won’t let the U.S. default.
The Senate
Senate Majority Leader Chuck Schumer, a Democrat, and Republican Minority Leader Mitch McConnell both support the bill, which should ensure it passes if it comes to a vote as planned on Friday. But the same objections made by opponents in the House could resurface, and a bigger majority of votes is required in the upper chamber.
The date when the government is expected to no longer be able to pay its bills without selling new bonds is Monday, June 5. It will be a race against the clock to get the bill turned into law.
Write to Brian Swint at brian.swint@barrons.com
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