House Republicans Approve Speaker McCarthy's Debt Ceiling Bill by Narrow Margin Transcript

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.

(00:20)
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?

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.

(00:53)
Four Republicans voted against the Speaker’s bill. Could not afford anymore, 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. 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.

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

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 four and a half, a little bit more, maybe a trillion dollars over 10 years. How does it do that? It would cut discretionary spending by 13% in one year. That’s all of those agencies, everything that Congress has a say over.

(01:54)
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.

(02:17)
There has been a lot of debate today, but I wanted to really focus on overnight, very lengthy House Rules Committee meeting where we saw 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.

The deal is you are piling work requirement, upon work requirement, upon people who are vulnerable, who are in complicated situations, and you don’t see a problem with the $2 per meal. I think we don’t share the same values.

No, no, and I think you have values. I really do. I like 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 let go, that this administration has…

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

A lot of debate ahead you’re going to be covering, but what does all of this mean for that larger debt debate?

My thinking right now, Amna, is this, actually both sides might dig in more. Republicans are very celebratory tonight that they 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.

They haven’t figured out the debt limit yet. Thank you. Happy to meet with McCarthy, but not on whether or not the debt limit gets extended. That’s not negotiable.

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

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

You’re welcome.