US House Passes , Debt Limit Bill , As Default Looms.<br />On April 26, House Speaker Kevin McCarthy passed <br />his debt ceiling bill by a narrow margin of 217 to 215. .<br />NBC reports that the passage of the bill <br />throws into question whether the United States <br />will be able to avoid a looming default.<br />Both the Democratic-controlled <br />Senate and the Biden administration have <br />said that they would not approve the bill. .<br />Both the Democratic-controlled <br />Senate and the Biden administration have <br />said that they would not approve the bill. .<br />However, Republicans believe that <br />the passage of the bill in the House opens <br />the door for further negotiation. .<br />Now he should sit down and negotiate. <br />We are the only party to take fiscal <br />action... that would lift the debt limit <br />so we wouldn’t have economic damage, Kevin McCarthy, Republican House Speaker, via NBC.<br />NBC reports that the White House has <br />said it will not compromise on raising <br />the debt limit with policy strings attached.<br />According to the Treasury Department, economic <br />calamity from the U.S. defaulting on its debts could <br />happen as early as June 5 if Congress fails to act in time.<br />According to the Treasury Department, economic <br />calamity from the U.S. defaulting on its debts could <br />happen as early as June 5 if Congress fails to act in time.<br />Our plan has always been the same: <br />to avoid default, to pass a clean <br />debt ceiling — no brinksmanship, <br />no hostage-taking. , Chuck Schumer, Democratic Senate Majority Leader, via NBC.<br />However, Senate Minority Leader Mitch McConnell <br />suggests that a compromise between both<br />parties is the only way forward.<br />The agreement needs to be <br />reached between the speaker <br />and the president. Until he and <br />the speaker of the House reach<br />an agreement, we’ll be at a standoff, Mitch McConnell, Republican Senate Minority Leader, via NBC
