The Debt Ceiling Debacle Is Over!

Whew.

Until late 2024 when the U.S. election is over and whether President Joe Biden or president-elect is prepared for another showdown with Republicans.

The 71 Republicans and 46 Democrats who voted against the debt ceiling increase are the extremists within the Congress. They are the insufferable lawmakers who make Americans hate politics and the direction of the country.

The agreement between President Joe Biden and House Speaker Kevin McCarthy suspends the nation’s debt ceiling until January 1, 2025. It also contained several budget cuts, and was sealed with the help of centrist Democrats and Republicans, the AP reported.

But some Republicans said the deal didn’t cut spending enough, while McCarthy said it was only a “first step.” The 99-page bill restricts spending for two years and changes policies including new work requirements for older Americans who get food aid and allowing an Appalachian natural gas line. It gives more money to defense and veterans.

At first June 1 was believed to be the day that the country would run out of money to pay its debts. That date was then pushed to June 5 by the Treasury, the AP reported.

The Senate is expected to pass the debt ceiling limit increase with little resistance.

There is controversy with Sen. Joe Manchin (D-WV). He managed to get that pork project inserted into the budget and debt ceiling deal to get him on board.

Senate Majority Leader Chuck Schumer said the chamber was digging into the bill that Biden negotiated with Speaker Kevin McCarthy and would “keep working until the job is done.”

He warned of a crush of ideas from senators anxious to revise the bill’s budget cuts and environmental policy changes, but said, “There is no good reason, none, to bring this process down to the wire.”

Passage in the Senate will require cooperation between Democrats and Republicans, much the way the narrowly divided House was able to approve the compromise late Wednesday night. Fast action is vital if Washington is to meet next Monday’s deadline when Treasury has said the U.S. will start running short of cash to pay its bills, risking a devastating default.

Having remained largely on the sidelines during much of the Biden-McCarthy negotiations, several senators are insisting on debate over their ideas to reshape the package. But making any changes at this stage seemed unlikely, and even opponents of the final deal say they will not hold it up.

Like Schumer, Senate Republican leader Mitch McConnell signaled he wanted to waste no time.

Touting the House package with its budget cuts, McConnell said Thursday, “The Senate has a chance to make that important progress a reality.”