After grueling discussions with the White House, House Speaker Kevin McCarthy must pass a tentative borrowing limit deal through the House, where hardline Republicans are already threatening to kill it.

McCarthy may have to negotiate with Democratic and Republican negotiators to suspend the federal government’s $31.4 trillion debt cap in the coming days.
On Twitter, House Freedom Caucus member Chip Roy declared, “We’re going to try” to stop it. Republicans criticized the deal’s timeline and provisions.

Congress must raise its debt ceiling by June 5 to avoid a default that would rock financial markets and plunge the U.S. into recession.

House Republicans control 222-213, Senate Democrats 51-49. These margins indicate that moderates from both parties will have to support the bill because any compromise will almost certainly lose the support of each party’s far left and far right wings.
McCarthy pledged to allow any member to ask for a vote to remove him if he worked with Democrats to win the speaker’s gavel.

Roy tweeted on Sunday that the arrangement will preserve a Democratic-era IRS expansion. The deal’s impact on U.S. defense and Ukraine backing worried Senator Lindsey Graham.

“Do not intend to default on debt, but will not support a deal that reduces the size of the Navy and prevents continued technological and weapons assistance to Ukraine,” Graham tweeted.

“Punting at your opponent’s one-yard line isn’t a winning strategy,” Republican Senator Mike Lee tweeted.
In exchange for spending limitations and government program cuts, the debt ceiling is suspended until January 2025, following the November 2024 presidential election.

Early deal details suggest Biden fought back effectively on numerous cost-cutting requests on Saturday, suggesting McCarthy may have trouble obtaining votes.

Complete capitulation. “The side with the cards,” Bishop said.

Progressive Democrats in both chambers oppose any compromise with work restrictions. Sources indicate this contract requires 50-54-year-olds to labor for food handouts.

According to sources familiar with the talks, the proposal would increase military and veterans’ care expenditures and curb discretionary domestic programs. However, since the accord doesn’t name them, Republicans and Democrats will fight over which ones in the months ahead.

Republicans have rejected Biden’s proposed tax increases, and neither side is willing to tackle the rapidly expanding health and retirement programs that would increase debt in the future years.

Several credit-rating agencies are considering downgrading the U.S., which would raise borrowing rates and weaken its role as the world’s financial center.