The Republican-controlled House is poised to vote Wednesday on the debt ceiling legislation negotiated by Speaker Kevin McCarthy and President Joe Biden, a high-stakes moment for the bill aimed at averting a disastrous default. Although the McCarthy-Biden deal has faced heavy criticism from GOP hard-liners who argued that its spending cuts and conservative provisions are too weak, the House Rules Committee voted 7-6 to send the measure to the floor Tuesday night, a key signal of support ahead of Wednesday's vote.
"I’m confident we’ll pass the bill," McCarthy, R-Calif., told reporters Tuesday. First, the full House will vote on the "rule," which is expected on Wednesday afternoon. Although the majority party typically carries procedural votes like these by itself, this will likely require some Democratic support. If the rule passes with a majority of the chamber, the House will briefly debate and then vote on the legislation later in the evening.
If the bill passes the House, it will go to the Democratic-led Senate, where it would need 60 votes before it could get to Biden's desk. Senate Majority Leader Chuck Schumer, D-N.Y., and Minority Leader Mitch McConnell, R-Ky., have both endorsed it.
Source: CNBC