House Republicans approve Speaker McCarthy’s debt ceiling bill by narrow margin

Read the Full Transcript

• Amna Nawaz:

  Welcome to the "NewsHour."

  In Congress today, a critical moment for the nation's debt problems and possible debt crisis ahead, as Republican leaders in the House have put their budget plan up for a vote.

  Congressional correspondent Lisa Desjardins joins me now from Capitol Hill to report on this test of Speaker McCarthy and what it means ahead,

  Lisa, welcome, and good to see you.

  Let's just start with the fact that, this morning, when Kevin McCarthy began his day, he did not have the votes for this major bill. So bring us up to speed. Where do things stand now?

• Lisa Desjardins:

  Amna, I just ran from the House chamber, where, yet again, we saw the drama in the early parts of this session. Kevin McCarthy did manage to squeak through this bill by the narrowest of margins, just two votes, 217 votes.

  That means, had just one other Republican gone from yes to no, this bill would have failed. Four Republicans voted against the speaker's bill. Could not afford any more. But let's look at what a difference that was from this morning.

  This morning,there was eight Republicans. You can see all of these folks were undecided, had problems with the bill. And in the overnight hours, Amna, the speaker and his team did change the bill to restore some ethanol credits. That was a problem for the Iowa delegation.

  Basically, this is a story of Kevin McCarthy very carefully navigating this slim margin on a very big issue, and tonight successfully.

• Amna Nawaz:

  So, Lisa, this bill can be considered sort of an opening offer from the Republicans, right? Remind us what's in it. What are the highlights?

• Lisa Desjardins:

  Right.

  It's important to know where Republicans stand right now. More than anything, this bill raises the debt ceiling into 2024. And it would cut an estimated 4.5, a little bit more maybe, trillion dollars over 10 years.

  How does it do that? It would cut discretionary spending by 13 percent in one year. That's all of those agencies, everything that Congress has a say over. In addition, this bill would block new credits that were started last year for solar, wind and clean energy. Medicaid recipients would have to work 80 hours a month if they were able-bodied and not parents.

  And, in addition, there would be an extension of the SNAP, or food stamp, work requirement, so that people up to age 55 would have to work to get food stamps.

  There has been a lot of debate today. But I wanted to really focus on, overnight, a very lengthy House Rules Committee meeting, where we saw a substantive discussion of these things. And I want to point out this exchange over those SNAP, or food stamp, benefits, and how both sides really see this different in terms of philosophy.

• Rep. Jim McGovern (D-MA):

  The deal is, you are piling work requirement on work requirement on people who are vulnerable or in complicated situations. And you're — you don't see a problem with the $2 per meal.

  I think we don't — we don't share the same values.

  (CROSSTALK)

• Rep. Ralph Norman (R-SC):

  No. No. And I think you have values. I really do. I like you. You just — your thinking is wrong on this.

  And I will tell you that the very people you're talking about that's making $2 or $6, they're being hurt by the policies that you have advocated, that you have let go, that this administration has.

• Lisa Desjardins:

  Different views over what's good for the American public.

• Amna Nawaz:

  A lot of debate ahead you're going to be covering.

  But what does all of this mean for that larger debt debate?

• Lisa Desjardins:

  My thinking right now, Amna, is this actually — both sides might dig in more.

  Republicans are very celebratory tonight that they even managed to pass anything. But Democrats, on the other hand, believe that Kevin McCarthy doesn't have the votes to pass anything other than this. And, clearly, they think this is not going to be the final product.

  Here's what President Biden said today about Speaker McCarthy.

  Joe Biden, President of the United States: They haven't figured out the debt limit yet.

• QUESTION:

  Are you missing in action?

• QUESTION:

  Will negotiate with them on the debt limit?

• QUESTION:

  Will you meet with McCarthy?

• Joe Biden:

  I'm happy to meet with McCarthy, but not on whether or not the debt limit gets extended. That's not negotiable.

• Lisa Desjardins:

  In other words, Amna, no change from either side in their long-term game here. It is not clear how this situation resolves.

• Amna Nawaz:

  Big day on Capitol Hill. Lisa Desjardins covering it all for us.

  Lisa, thank you.

• Lisa Desjardins:

  You're welcome.