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Biden Will Veto Republican Debt Limit Bill

WHITE HOUSE

The White House confirms that President Biden would veto House Speaker Kevin McCarthy's (R-CA) debt limit bill if it made its way to his desk.

  • White House: "Republican's must take default off the table... If President Biden were presented with House Speaker McCarthy's debt bill, he will veto it."
  • The House Rule Committee will begin marking up McCarthy’s ‘Limit, Save, Grow Act’ package today at 16:00 ET 21:00 BST.
  • The bill has no realistic chance of progressing through the Democrat-controlled Senate and, as it stands, McCarthy is facing an uphill battle getting the 218 GOP votes required to push the package through the House.
  • Punchbowl News reported this morning that the bill faces robust opposition from the Republican House Freedom Caucus and Midwesterners who don't want to see ethanol credits in the Inflation Reduction Act scrapped.
  • Note: As a quid pro to win the Speaker’s Gavel in January, McCarthy installed two House Freedom Caucus members on the Rules Committee. So, if McCarthy doesn’t have the support of those conservatives the bill might not even make it to the floor.
  • More in today's US Daily Brief
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