US Debt Ceiling Deal Passes First Hurdle Despite Conservative Resistance
In a highly contentious vote, the US debt ceiling deal has passed its first hurdle in Congress despite strong opposition from hard-line conservatives. The deal, which would raise the government’s borrowing limit and prevent a potentially catastrophic default on US debt, garnered support from moderate Republicans and Democrats but faced fierce resistance from the conservative wing of the GOP.
Opponents of the deal criticized the proposed increase in spending as well as the lack of provisions for deficit reduction. However, supporters argued that failing to raise the debt ceiling would have dire consequences for the US economy and global markets.
“This is not a perfect deal, but it is a responsible one,” said House Speaker Nancy Pelosi. “It ensures that America can continue to meet its obligations and pay its bills, while also investing in our future.”
The debt ceiling has been a politically contentious issue for years and has led to several government shutdowns and near-defaults. In 2011, former President Obama agreed to $2.1 trillion in spending cuts to end a similar crisis, but those savings were eventually offset by other spending measures.
The current deal is set to be finalized in the coming weeks, but its fate remains uncertain as it faces further scrutiny from both sides of the aisle.