Speaker Kevin McCarthy (R-Calif.) released text of the bill to raise the debt limit Sunday evening as Democratic and Republican leaders work to corral support ahead of this week’s vote.
The bill — which spans 99 pages — raises the debt limit for two years, strengthens work requirements on federal public assistance programs and rescinds roughly $28 billion in COVID-19 funding that went unused.
It caps defense spending at $886 billion for fiscal 2024 — in line with Biden’s defense budget request from earlier this year — and $895 billion for fiscal 2025.
Veterans’ medical care is funded at $121 billion for fiscal 2024, while other nondefense discretionary programs get $637 billion, which the White House described as being virtually equal to 2023 when accounting for agreed-upon appropriations adjustments. It also sets budget targets through fiscal 2029.
The bill also rescinds $1.4 billion in funding that was appropriated for the Internal Revenue Service as part of the Inflation Reduction Act, which Democrats passed last summer.
In one area that was particularly tense in negotiations, the bill makes adjustments to work requirements for Temporary Assistance for Needy Families and the Supplemental Nutrition Assistance Program.
And in a surprise addition to the bill, it includes a measure to expedite completion of the Mountain Valley Pipeline — a major win for West Virginia Sen. Joe Manchin (D), who has long been trying to speed up construction of the natural gas pipeline that had been stalled due to environmental concerns.
McCarthy spoke to Biden on the phone late Sunday, shortly before the text of the bill was released.
The bill’s release officially starts the clock on the 72-hour rule, which gives House members at least three days to review a bill before voting on it. Sticking to the 72-hour rule was a key demand of the conservatives who withheld support for McCarthy during the drawn-out Speaker’s race in January.
With text released Sunday, the House can vote on the bill as early as Wednesday and send it to the Senate for consideration. The House Rules Committee is scheduled to consider the bill Tuesday afternoon, officially kicking off the legislative process.
But Democratic and Republican leaders will first have to rally enough support for the legislation to have it pass through the chamber, a task that could become more complicated as liberals and conservatives voice concerns with the bill.
Republican leaders will call members back to Washington to vote on other measures Tuesday night, according to House GOP Conference Secretary Lisa McClain (Mich.), which gives leadership an opportunity to whip votes in person ahead of Wednesday’s high-stakes vote.
McCarthy briefed members of his conference on the deal late Saturday night, which sparked criticism on the right from members frustrated by how little the agreement entails.
“This ‘deal’ is insanity. A $4T debt ceiling increase with virtually no cuts is not what we agreed to. Not gonna vote to bankrupt our country. The American people deserve better,” Rep. Ralph Norman (R-S.C.), a member of the conservative House Freedom Caucus, wrote on Twitter.
Sunday morning, Rep. Chip Roy (R-Texas) — who characterized the agreement as a “turd-sandwich” — said he has heard from a number of his colleagues who are not on board.
The deal is also drawing some ire on the left, with Democrats frustrated by provisions such as beefed up work requirements for public assistance programs. Rep. Pramila Jayapal (D-Wash.) — who chairs the Congressional Progressive Caucus, which has more than 100 members — said Democratic leadership should not count on the group’s support just yet.
“Yes, they have to worry,” Jayapal told CNN’s “State of the Union” when asked if House Minority Leader Hakeem Jeffries (D-N.Y.) should worry about whether her caucus will support the debt limit agreement.
A number of lawmakers, however, have said they are waiting to review bill text before deciding how they will vote on the deal.
After the House, the bill will need to pass in the Senate, where conservative Sen. Mike Lee (R-Utah) has threatened to use procedural maneuvers to delay its passage.
Because of that, Senate Majority Leader Chuck Schumer (D-N.Y.) warned Senate Democrats on Sunday that they may need to stay in session and work Friday and next weekend in order to pass the bill.
Lawmakers are staring down a June 5 deadline, the day Treasury Department Secretary Janet Yellen said the U.S. will run out of cash to pay its bills if Congress does not act to raise the borrowing limit, a situation that would trigger the country’s first-ever default.
Biden and McCarthy announced a deal in principle to raise the debt limit Saturday night after days of negotiations between proxies tapped by the two leaders.
Updated at 10:08 pm EDT.