The House of Representatives voted tonight to approve a bipartisan bill to raise the country’s debt limit, sending it to the Senate where it must receive a majority as well, before President Biden can sign it into law.
Lawmakers approved the bill in a 314-117 vote just days before June 5, the day Treasury Department Secretary Janet Yellen has said the U.S. could plunge into default if the borrowing limit is not raised.
New Jersey Rep. Chris Smith (R-Manchester) voted in favor, citing “the largest spending cut” that Congress has ever passed.
“This legislation will save taxpayers $2.1 trillion and help reverse President Biden’s out-of-control spending agenda while fully funding defense and veterans’ programs, Social Security and Medicare,” Smith said in a statement tonight explaining his vote.
“American taxpayers simply cannot afford President Biden’s reckless spending spree, which shows absolutely no regard for our children and grandchildren who will have to pay a huge price for today’s profligate government spending and the borrowing needed to sustain it,” Smith added, noting that Biden had long demanded a debt ceiling hike with no measures to reduce spending and $5 trillion in new taxes.
The bill suspends the debt limit through Jan. 1, 2025.
149 Republicans and 165 Democrats voted in favor.
Smith also highlighted that the bill contains the largest claw back of funding in US history, including $28 billion in unspent COVID funds—which Smith had proposed in October 2021 when he refused to raise the debt ceiling without a plan to reign in government.
It should’ve been a no.
B”H.
The House of Representatives voted tonight to approve a bipartisan bill to raise the country’s debt limit.
“I’m really furious right now!” said one US citizen upon learning of the passage of the bill. “I’ve been trying to raise my own debt limit with my credit card company, to no avail. And how much am I asking for already! An additional $5,000 in credit, that’s all! My wife and kids are okay with my request, so I’ve definitely got bipartisan support, and yet, I can’t get it done!”
“But these spendthrift lawmakers keep requesting trillions of dollars in additional credit, and nobody ever turns them down!” he said. “It’s a double standard! I can’t take it!”
“So, I’ve decided to run for congress,” he said. “Because the only way I’m gonna get the credit card company to raise my credit limit is if I become an official politician, and a member of congress. Then, the sky is the limit! And then I can purchase that new toaster oven I had my eye on…, if it’s still on sale by then.”
“It’s an exceptional toaster oven,” he said. “It can toast two pieces of bread at the same time! And it has a little window on the door that allows you to see the toasting of the bread unfold in real time”
“One thing I can promise you,” he said. “That toaster oven will be mine one day, even if I need to become Speaker of the House to get it!”
Great – NJ Has to pay back 5 billion dollars!!!! – Murphy the Miser! He was warned for months… – His plan is to litigate with Uncle Sam? What kind of CEO can recklessly loose 5 billion dollars and retain his job – He needs to resign!