House Speaker Kevin McCarthy finally bent the knee late Tuesday and agreed to modify his debt-ceiling bill to appease some Republican holdouts.
He “agreed to allow proposed work requirements for Medicaid beneficiaries to be implemented on a quicker timetable – a move intended to win over GOP Rep. Matt Gaetz of Florida and others who had warned they would vote against the bill without such changes,” according to CNN.
And he “agreed to remove a repeal of certain tax breaks for biofuels like ethanol — an issue that prompted furious opposition from the four Iowa Republicans and some other midwestern lawmakers,” CNN reported early Wednesday.
CNN further admitted that these modifications “could be enough to win the bill’s passage.” It’s no guarantee, but it’s certainly better than before.
House Speaker Kevin McCarthy and his top allies have reversed course and changed their bill for raising the nation’s borrowing limit – and agreed to make two major changes overnight in a bid to pass the package in their standoff with the White House https://t.co/q4KRt9mHXM
— CNN Politics (@CNNPolitics) April 26, 2023
As previously reported, McCarthy was facing defeat on the debt ceiling bill because of growing resistance from rank-and-file Republicans.
Specifically at issue were eight “corn belt Republicans” who’d vowed to vote “no” on the bill unless cuts to ethanol tax credits were first removed from it, according to Axios.
“The group includes all four Iowa House Republicans, plus at least four more members from the corn belt,” Axios reported Tuesday.
The problem is that all it’d take to tank the bill is five “no” votes, let alone eight.
McCarthy reportedly met with all eight late Tuesday, but the meeting evidently didn’t immediately lead to a resolution. Indeed, following the meeting, he was asked by reporters whether he was willing to modify the bill.
“No, we’re gonna pass the bill,” he reportedly replied.
McCarthy was, at that point, in what some reporters described as a “game of chicken” with the eight.
“Top Republicans expect the drama to go down to the wire,” according to The Hill.
“I think we’ll be working right up until we vote,” House Natural Resources Committee chair Bruce Westerman reportedly said.
The eight reportedly aren’t the only ones seeking modifications. There are also some Republicans “seeking stricter work requirements for federal benefits” and some “moderate” Republicans “opposed to cuts in green energy subsidies popular with their constituents,” The Hill notes.
I know President Biden might be focused on his own political future today, but he should be focused on the future of America.
Biden should have announced he will finally come to the table and negotiate a responsible debt limit increase to avoid the first default in our history.
— Kevin McCarthy (@SpeakerMcCarthy) April 25, 2023
But as noted earlier, McCarthy and his leadership team initially refused to budge.
“We’re done negotiating, and we’re gonna get this bill through,” House GOP Conference vice chair Mike Johnson said Tuesday.
Absences are another looming issue.
“GOP absences are further complicating the timing and whip count for the bill. Johnson said Republicans are expecting two absences on Thursday and at least one on Wednesday and Friday,” according to The Hill.
Of course, all of this is technically moot since Senate Majority Leader Chuck Schumer has said the bill is dead on arrival and the White House has threatened to veto it in case it does somehow make it through Congress.
And so even if the bill were to ultimately pass, it’d be nothing more than a symbolic victory.
That said, in a way, McCarthy is now playing “chicken” with the White House as well.
“The White House has said it won’t negotiate over a debt ceiling increase – which is Congress’ responsibility – and will only accept a clean proposal to raise the nation’s borrowing limit. The speaker, however, on Sunday was adamant that Biden would have to climb down from that position as the country races closer to a crisis that could peak sometime this summer,” according to CNN.
The President wants you to believe the sky will fall if Republicans limit spending to what it was in Dec 2022—just 4 months ago.
But when he signed these same exact spending levels into law last year, he sang their praises.
What changed, Mr. President? pic.twitter.com/10gHNPhPPF
— Kevin McCarthy (@SpeakerMcCarthy) April 26, 2023
“We will hold a vote this week, and we will pass it, and we will send it to the Senate,” McCarthy reportedly said during a Fox News appearance before going on to bash President Joe Biden.
“He needs to show leadership and come to the negotiating table, instead of put us in default. This is risky, what he’s doing. He’s threatening the markets,” the GOP leader said.
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V. Saxena is a staff writer with a decade of experience as a professional writer, and a lifetime of experience as an avid news junkie. He holds a degree in computer technology from Purdue University. Saxena also contributes to BizPac Review.
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