House Speaker Kevin McCarthy, a Republican from California, expressed confidence that the House Rules Committee would approve the agreement he reached with President Joe Biden to prevent a debt default by the U.S. government. He anticipated the full House would vote on the proposal on Wednesday evening.
During an interview on “The Record with Greta Van Susteren,” McCarthy mentioned his 72-hour rule, which allows lawmakers and the public to review a bill before it goes to a total House vote.
He contrasted this with the previous approach under Nancy Pelosi, a Democrat from California, where bills were typically voted on before being thoroughly examined.
According to McCarthy, the bill in question is not excessively long, consisting of 99 pages, with 15 pages dedicated to rescinding funds from various sources, such as the CDC Global Fund and the $400 million allocated to China from taxpayers.
He emphasized the importance of allowing everyone to read and vote on the bill and stated that the vote would occur sometime after 7 p.m. on Wednesday.
McCarthy highlighted the significant aspect of the deal: it has the potential to cut $2.1 trillion if specific targets are met within the next six years.
However, only two years have binding requirements as part of the agreement.
“This will be the largest budget cut in American history that we’re able to do,” McCarthy stated.
He also mentioned the previous unwillingness of President Biden to negotiate or engage in discussions, particularly concerning the debt ceiling, back in February.
McCarthy emphasized that the current agreement allowed for broader discussions and a substantial reduction in spending.
The deal includes suspending the federal debt ceiling until January 1, 2025, which would be after the 2024 elections.
McCarthy is optimistic that Republicans will retain the House, regain the Senate, and win the White House in 2024 to effectively handle the impending debt ceiling increase on January 2, 2025.
McCarthy stated that his belief revolves around the presence of a Republican Senate and a Republican president.
He suggested that this good political alignment allows us to advance our current efforts by implementing deeper spending cuts, ultimately leading us toward a balanced budget.
McCarthy emphasized that the proposed debt deal excludes any tax hikes or the introduction of new government programs.