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House Minority Leader Hakeem Jeffries sat down with All Things Considered's Juana Summers to talk about the recent debt ceiling negotiations and what this says about the direction Congress is headed.
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With President Biden pledging a veto, the resolution amounts to a mostly symbolic show of congressional disapproval on a plan to cancel up to $20,000 in federal student loan debt.
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As the threat of a financial default neared, the Senate approved compromise, bipartisan legislation to lift the debt ceiling with just days to spare.
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The House overwhelmingly approved the Fiscal Responsibility Act of 2023 Wednesday evening on a 314-117 vote. The bill now heads to the Senate, where it will need 60 votes before it would go to Biden.
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If it passes, the proposed debt deal would set the date for federal student loan repayments to resume. The pause's end will affect some 43 million borrowers, but, in effect, it's not a big change.
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Lawmakers are working against the clock to avert an unprecedented debt default. The Treasury Department has said the U.S. could run out of money to pay its bills as soon as June 5.
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Congressional forecasters say the debt ceiling deal struck by President Biden and House Speaker Kevin McCarthy over the weekend would reduce deficits by about $1.5 trillion over the next decade.
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As part of spending negotiations between the White House and House Republicans, pandemic-era aid is getting pulled back. A document circulated by the White House shows what would be cut.
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McCarthy, who struck a compromise deal to avoid a debt default, faces criticism from members of his own conference and a potential threat that could oust him as speaker. He says his job is secure.
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While the bill raises the debt ceiling, it also affects a wide range of people by limiting spending and changing guidelines around food stamps and student loans.