Watch live: House Rules Committee holds hearing on debt ceiling bill

The House Rules Committee is holding a hearing Tuesday afternoon that is crucial for a proposed solution to the debt ceiling impasse.

The House and Senate this week have to race to pass a debt ceiling bill to avoid a default after President Biden and Speaker Kevin McCarthy (R-Calif.) struck an agreement in principle over the weekend to increase the borrowing limit.

The fast-dash to approve the legislation comes as lawmakers are staring down a Monday deadline — the day Treasury Secretary Janet Yellen has said the U.S. could run out of cash to pay its bills.

The bill will face its first legislative hurdle Tuesday, when the House Rules Committee holds a vote on the rule dictating debate over the measure. If the panel advances the measure, GOP leadership is aiming to bring it to the floor for a vote Wednesday, with the next stop being the Senate.

The hearing is scheduled to begin at 3 p.m. EDT.

Watch the live video above.