Speaker McCarthy Makes Concessions On the $4.8 Trillion Debt-Limit Package

Objectivity 4.7 | Credibility 4.8 | Relevance 4.8

House Speaker Kevin McCarthy (R-CA) and his leadership team made several concessions to secure enough votes to pass the Limit, Save, and Grow Act — the House Republicans’ $4.8 trillion debt-limit package.  According to Punchbowl News, an all-night meeting of the House Rules Committee resulted in changes that were made to win over Midwestern Republicans who had threatened to sink the bill, and include an amendment which eliminated the repeal of three biofuel tax credits.  In order to pass the measure, McCarthy can only lose four Republican votes.  McCarthy’s drafted amendments pull funding from several components of the Inflation Reduction Act such as green building construction and DoE loan guarantees. McCarthy and other Republicans remain confident the measure will pass by the week’s end.