"Initial Obstacle Overcome" US Debt Ceiling Agreement Passes House Rules Committee

The debt ceiling agreement to avoid a U.S. default has passed the House Rules Committee and is now set for a vote on the House floor.

According to Bloomberg and other sources on the 30th (local time), the House Rules Committee approved the debt ceiling agreement by a 7-6 vote. The committee, consisting of 13 members?9 Republicans and 4 Democrats?was expected to face difficulties in passing the measure, but it narrowly succeeded.

Foreign media reported, "The three hardline Republicans on the House Rules Committee?Ralph Norman, Chip Roy, and Thomas Massie?opposed the agreement and pressured the leadership, but it barely made it to the House floor for a vote."

Bloomberg assessed that the agreement overcame a critical early hurdle ahead of the House vote scheduled for the evening of the 31st.

Earlier, President Joe Biden and House Speaker Kevin McCarthy reached an agreement on the debt ceiling increase on the 28th as the default deadline approached. The agreement includes suspending the debt ceiling until January 2025, while maintaining non-defense spending at freeze levels for the 2024 fiscal year starting in October this year, and setting a 1% increase cap for 2025.

Military spending for the 2024 fiscal year will increase by about 3%, and the agreement also includes partial cuts to IRS funding and stricter requirements for food assistance programs.

[Image source=EPA Yonhap News]

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