WASHINGTON -- Veering away from a default crisis, the House approved a debt ceiling and budget cuts package late Wednesday, as President Joe Biden and Speaker Kevin McCarthy assembled a bipartisan coalition of centrist Democrats and Republicans against fierce conservative blowback and progressive dissent.
But amid discontent from Republicans who said the spending restrictions did not go far enough, McCarthy said it is only a"first step." Biden sent top White House officials to the Capitol to shore up backing. McCarthy worked to sell skeptical fellow Republicans, even fending off challenges to his leadership, in the rush to avert a potentially disastrous U.S. default.
Raising the nation's debt limit, now $31 trillion, ensures Treasury can borrow to pay already incurred U.S. debts. The speaker has faced a tough crowd. Cheered on by conservative senators and outside groups, the hard-right House Freedom Caucus lambasted the compromise as falling well short of the needed spending cuts, and they vowed to try to halt passage.
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