A top Republican in the U.S. House of Representatives predicted on Tuesday his party will overcome resistance within its ranks and muster the votes needed to adopt a plan to slash spending and raise the government's $31.4 trillion debt ceiling.
WASHINGTON — A top Republican in the U.S. House of Representatives predicted on Tuesday his party will overcome resistance within its ranks and muster the votes needed to adopt a plan to slash spending and raise the government's"This will pass. I'm telling you right now, it will pass the House floor," Rep. Tom Emmer, the No. 3 House Republican, told Reuters in an interview.
The proposal has little chance of passing the Democratic-controlled Senate, and the White House said Tuesday that President Joe Biden would veto it if it reached his desk. The House Rules Committee, a gatekeeper on legislation, will take up the bill on Tuesday afternoon. That could be followed by a House floor vote as early as Wednesday.Washington and Wall Street are focused on the coming "X-date," possibly just weeks away, when the U.S. Treasury would no longer be able to pay all its bills, triggering a default that would shake the global economy.
The last prolonged standoff over the debt limit, in 2011, led to a downgrade of the U.S. credit rating, which shook financial markets and raised borrowing costs.Debt markets are already flashing warning signs as investors grow wary. Investors expect the Treasury Department to offer a new "X-date" forecast in the coming weeks.
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