Speaker Kevin McCarthy releases bill to raise the debt limit and cap spending, based on the agreement between the White House and House Republicans.
President Joe Biden heralded the deal in remarks from the White House Sunday evening, saying it “prevents the worst possible crisis – a default for the first time in our nation’s history.” But even with Speaker Kevin McCarthy releasing the legislative text of the bill Sunday evening, the marathon is far from over, and there remains little certainty the nation will avoid a default.
To win the speakership in January, McCarthy agreed to name three conservative hardliners – Reps. Ralph Norman of South Carolina, Chip Roy of Texas and Thomas Massie of Kentucky – to the committee, a major concession since usually the powerful panel is stacked with close allies of the leadership. Norman and Roy have already emerged as sharp critics of the debt limit deal, while Massie has been quiet as he waits for the bill text to be released.
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