The House, as expected, approved legislation to raise the debt ceiling until early December, with a vote of 219 to 206.
Analysts predict the $480 billion increase in the debt limit will provide the Treasury funds to cover costs until, roughly, mid-December.
House Speaker Nancy Pelosi is preparing Democrats for slash and cuts to the Build Back Better (BBB) Act, or reconciliation bill, by sharing, “I’m very disappointed we’re not going with the original $3.5 trillion,” Pelosi shared. “But whatever we do, we will make decisions that will continue to be transformative.”
Agriculture currently boasts a 10-year, $66 billion cut of the funding for agricultural research and development while an extra $28 billion is reserved for conservation.
House Agriculture Committee Republican Leader Glenn Thompson shared the delay only makes the inevitable more of a reality, saying, “We must be responsible in our spending, and raising the debt ceiling only results in burdening future generations. For these reasons, I could not support this legislation.”
Conversely, House Agriculture Committee Sean Patrick Maloney says the lack of consensus forces Americans to question the integrity of the government.
“Tonight, House Dems vote to extend the debt ceiling, avoiding the first ever Republican-manufactured default. But this is just a short-term fix. It’s irresponsible that Senate Republicans won’t join us in passing a long-term solution,” said Maloney.
The bill will move to President Biden who warned Republicans “not to use procedural tricks to block us from doing the job.”
Related articles:
> Short-Term Extension of Debt Limit Narrowly Passes
> AgriTalk: Three Ag Leaders Reflect on Reconciliation Bill
> AgriTalk: Clarity Needed on $3.5 Trillion Budget Reconciliation Bill
