WASHINGTON, D.C. (CNN) – The next step in raising the debt ceiling happens Tuesday.
That’s when the House Rules Committee will consider the deal reached over the weekend by President Joe Biden and House Speaker Kevin McCarthy.
The agreement would cut spending and suspend the debt ceiling through January 1st of 2025.
This will be a big test for the deal because some of the Republicans on the rules committee have been critical of the agreement.
If those Republicans vote against the deal, it would fail, unless some Democrats vote to advance the bill out of committee for a full House vote.
Secretary of the Treasury Janet Yellen has warned if the US can’t borrow more money as soon as June 5th, we would no longer be able to pay our bills.
© 2023 KOBI-TV NBC5. All rights reserved unless otherwise stated.