‘This is a compromise’: How the White House is defending the debt ceiling bill – Gist It

‘This is a compromise’: How the White House is defending the debt ceiling bill

The U.S. House of Representatives passed the Fiscal Responsibility Act of 2023 to suspend the debt ceiling and cut federal spending.

Key legislation details: The bill establishes spending caps, reclaims $27 billion for COVID-19 response, and phases in higher age limits for work requirements on certain federal safety net programs.
* The bill passed with bipartisan support in a 314-117 vote.
* The Congressional Budget Office projects a total deficit reduction of $1.5 trillion over the next decade.

White House perspective: Deputy Director of the National Economic Council, Bharat Ramamurti, said the bill takes the possibility of default off the table, protects entitlement programs, and preserves economic progress.
* Ramamurti acknowledged this is a compromise and not everyone will be satisfied with the concessions made.

What’s next: The legislation heads to the Senate, where it needs 60 votes to pass before it can be signed by the president to prevent the U.S. from defaulting.

View original article on NPR

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