House Republicans Pass Debt Limit Bill

On Wednesday, House Republicans approved legislation in a 217-215 vote to extend the government's borrowing authority into 2024 and slash federal spending.

Key Details: The bill calls for trillions of dollars in spending cuts over a decade, and would extend the borrowing limit through March 31, 2024 or by $1.5 trillion, whichever comes first. It was altered to expedite the timeline for implementing new work requirements for federal benefits, and to eliminate certain tax credits for biofuels. It's unlikely to pass the Senate amid Democratic opposition.

Key Quote: “You should thank every Republican who voted for this bill because they went out and fought hard,” House Speaker Kevin McCarthy said.

For Context: Though the vote benefitted from a few Democratic absences, it also showed how McCarthy was able to unite Republicans in support despite over a dozen threatening to vote against the bill as recently as yesterday. The nonpartisan Congressional Budget Office (CBO) estimated that the bill would save $4.8 trillion over the next decade if enacted.

How the Media Covered it: Sources across the spectrum covered the vote, and framed it as a win for McCarthy even though it's unlikely to become law. Some right-rated media expressed concerns that Republicans won't hold the line on spending cuts. Some left-rated media voiced concerns over the uncertainty of averting a historic debt default in light of Senate and White House opposition.