It would appear, as we predicted, the so-called debt ceiling crisis is over.
After a rather interesting vote in the House that passed the bill, the Senate did the same.
The legislation passed the Senate with a 63-36 vote, three more than needed to pass it.
Very Interesting
Of note in the House was that more Democrats supported the legislation than Republicans.
I actually pointed to this as a possibility the other day.
It was the reason why McCarthy was being so smug about dissenters in his party, knowing full well the legislation would pass because of widespread support on the left.
In the Senate, the dissenting votes were four Democrats, 31 Republicans, and Bernie Sanders as an independent.
The bill would eliminate the debt ceiling through January 1, 2025.
There is a small cutback on IRS spending, which is not even really worth mentioning, as well as defense spending.
The bill would limit future spending increases to one percent.
Defense spending increases would be cut to 3 percent increase of the previous year, which had Senator Graham (R-S.C.) in an uproar.
He stated, “To my House colleagues, I can’t believe you did this.
“To the Speaker, I know you’ve got a tough job. I like you. But the party of Ronald Reagan is dying.
“Don’t tell me that a defense budget that’s $42 billion below inflation fully funds to military.”
This, of course, comes at a time when our military has been depleted because of Joe Biden’s aid to Ukraine, which has wiped out much of our stores.
Expect a lot of pushback that could significantly hurt Speaker McCarthy (R-CA) as we move forward in the current term.
Source: Fox News
