A key bipartisan bloc of House lawmakers is backing the debt ceiling agreement ahead of the expected Wednesday night vote.
The Problem Solvers Caucus, which includes 64 members from both parties, is throwing its weight behind the plan, meaning at least 75% of its membership, which is evenly divided between Republicans and Democrats, is on board.
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“Our bipartisan caucus is now proud to overwhelmingly endorse this two-party solution, the Fiscal Responsibility Act, that both avoids default and also begins the process of putting our nation on a path to fiscal sustainability. There is still much more work to be done,” Co-Chair Brian Fitzpatrick (R-PA) said in a statement.
“In the end, this vote will happen from the middle out, and the Problem Solvers will play a key role in getting this legislation across the finish line and preventing a default,” Co-Chair Josh Gottheimer (D-NJ) said.
To pass, the Fiscal Responsibility Act of 2023 will likely need to garner at least 218 votes, but already dozens of lawmakers, predominantly Republicans, have come out against the bill.
Last month, amid the debt limit standoff, the Problem Solvers Caucus pitched a framework to address the debt ceiling crisis by effectively casting the debt limit problem aside and focusing on spending. Ultimately, negotiators opted to charge ahead with their own plan, which was finalized Saturday and released as legislative text on Sunday.
That bill cleared a key hurdle Tuesday evening when the House Rules Committee narrowly voted 7-6 to advance it. Speaker Kevin McCarthy (R-CA) vowed to give his members 72 hours to read through the bill before a vote, setting the stage for an expected vote Wednesday.
Under the bill brokered by negotiators, the debt ceiling will be suspended until January 2025 in exchange for nondefense and nonveteran discretionary spending growth being kept down until 2024 before increasing by roughly 1% in 2025.
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Other provisions include rescinding unspent COVID-19 funds, tightening work requirements, permitting reform, and more. In its present form, the bill could reduce the deficit by $1.5 trillion over the next 10 years, according to an estimate from the Congressional Budget Office.
Treasury Secretary Janet Yellen warned that if Congress fails to act, the government will run out of cash to meet all its obligations as soon as Monday, raising concerns about a default.
