After weeks of negotiations between the White House and House Speaker Kevin McCarthy, the House is set to vote Wednesday night on a compromise bill to lift the debt ceiling, as lawmakers race against the clock to avoid an unprecedented default that could come as early as June 5.
The bipartisan deal would pair a suspension of the debt limit for nearly two years to a package of spending cuts. It would establish spending caps for the federal budget while also making policy changes, including: adjustments to work requirements for some federal assistance programs like food stamps, a claw-back of unspent COVID-19 funds and an overhaul of permitting reviews for energy projects.
