Leaders.com
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
Public Policy debt ceiling

Senate Majority Leader Chuch Schumer (D-NY) says the Senate will begin committee hearings to discuss the Republicans' debt ceiling bill. (Photo by Anna Moneymaker/Getty Images)

By Hannah Bryan Leaders Staff

Hannah Bryan

News Writer

Hannah Bryan is a news writer for Leaders Media. Most recently she was a reporter for the Sanilac County News...

Full bio


Learn about our editorial policy

May 1, 2023

Senate And House Battle Over Debt-Ceiling Bill

The U.S. Senate has announced hearings for committees to analyze the debt-ceiling bill passed by the Republican-led House last week. 

Key Details

  • Though the White House has stood firm in its refusal to negotiate the debt-ceiling terms with House Speaker Kevin McCarthy (R-CA), the House passed a bill last week to jumpstart negotiations. 
  • Senate Majority Leader Chuch Schumer (D-NY) announced Monday that Senate committees would evaluate the recently passed bill.
  • While McCarthy’s bill attempts to bring President Joe Biden to the table, the bill is unlikely to pass in the Senate. 
  •  “The president says, ‘I’m not going to talk to him until he offers a plan,’” McCarthy says. “Not only did we offer a plan, we passed it.”

Why it’s news

The bill passed in the House last week is unlikely to move forward in Congress at all. Schumer’s decision to send the bill to committee is likely an excuse for Senate Democrats to publicly deride the bill. Most likely, the bill will not get a vote on the Senate floor. 

“My understanding, from people I’ve spoken with [in the Senate], is that it’s not even going to get a vote. I think that’s just fine,” Representative Susan Wild (D-PA) says.

If the bill did manage to pass the Senate, President Biden has indicated that he would veto it, Axios reports. 

Schumer wrote a “dear colleague” letter on Monday, criticizing the bill and saying that it gives two options: “either default on the debt or default on America, forcing steep cuts to law enforcement, veterans, families, teachers, and kids. Democrats will not allow it.”

The bill has not received unanimous Republican support either. Four House Republicans opposed the bill, including Representatives Andy Biggs (AZ), Ken Buck (CO), Matt Gaetz (FL), and Tim Burchett (TN). Burchett has long opposed a debt ceiling increase on principle, however, the other Republican opponents say that the bill does not go far enough to reduce government spending. 

If passed, the bill would lift the debt ceiling through 2024 but restrict discretionary federal government spending to its 2022 levels until 2024. Spending growth would be capped at 1%. The bill calls for other spending cuts, including canceling student loan debt forgiveness, repealing some Inflation Reduction Act tax credits, and reducing IRS funding. It also calls for the federal government to retrieve unspent COVID funds. 

The first hearing will be held in the Budget Committee on Thursday.

Backing up a bit

Since last year, Treasury Secretary Janet Yellen has warned lawmakers about the debt ceiling. In January, the U.S. hit the debt ceiling sooner than expected. While the Treasury has been able to implement some “extraordinary measures” to prevent the government from defaulting on its debt, legislators are now under increasing pressure to make a decision. Yellen estimates that Congress has until around June to make a move. 

The U.S. government has raised the debt ceiling many times in the nation’s history, sometimes without much debate and other times with much difficulty. 

House Republicans are seeking spending cuts as part of a deal to increase the debt ceiling, partly as a way to reduce debt. In response, the White House said it would not negotiate. 

In March, McCarthy sent a letter to President Biden, expressing frustration with the administration’s failure to negotiate the debt ceiling at all. 

If no agreement is reached, it could trigger a government shutdown. The last government shutdown was in 2019. During a shutdown, non-essential government employees are furloughed while essential workers work without pay. When the shutdown is resolved, workers will receive back pay. Some government services may also be temporarily suspended during a shutdown.

Home / News / Senate And House Battle Over Debt-Ceiling Bill
Share
FacebookTweetEmailLinkedIn

Related Stories

Wall Street Makes $100 Billion Bet on Weight Loss Pills

by PJ Howland Leaders Staff
Investing

Oct 25, 2023

Ozempic

Investor optimism around a potential blockbuster obesity drug by Structure Therapeutics led to soaring share prices across the weight-loss pharma sector.

Key Details

  • Structure Therapeutics' stock jumped 35% after reporting positive results from early clinical trials of a once-daily weight-loss pill.
  • The experimental drug helped participants lose about 5% of their body weight over one month without side effects, although there are concerns with Ozempic.
  • Analysts predict the global anti-obesity medication market could reach sales of $100 billion by 2030, up from $71 billion currently.
  • With promising growth prospects, investors are betting on companies developing new weight loss drugs like Structure, Eli Lilly, Novo Nordisk, and Pfizer.

Go deeper

FacebookTweetEmailLinkedIn

Seattle Takes The Crown For Advanced Tech Talent

by PJ Howland Leaders Staff
Tech

Oct 24, 2023

Seattle tech talent

Seattle has emerged as the metro area with the most advanced tech talent, beating out tech hubs like San Francisco and Silicon Valley.

Key Details

  • According to a new ranking by the Burning Glass Institute, Seattle has the highest proportion of advanced tech workers compared to other cities with similarly sized tech workforces.
  • The ranking evaluated 60 million high-paying, in-demand tech job postings and histories to identify cities with cutting-edge roles like AI and cybersecurity rather than legacy tech positions.
  • With tech giants Amazon and Microsoft headquartered in Seattle, the city edged out the San Francisco Bay Area, Boston, Austin, and Raleigh on the list.
  • The report found that demand for software developers and IT support specialists has declined over the past five years as companies seek more specialized tech talent.

Go deeper

FacebookTweetEmailLinkedIn

More Americans Can’t Keep Up With Car Payments

by Colin Baker Leaders Staff
Loans and Borrowing

Oct 23, 2023

car loans, used cars

A record number of Americans are behind on their car loan payments as higher interest rates and prices weigh on consumers.

Key Details

  • According to data from Fitch Ratings, 6.11% of car loans were at least 60 days delinquent in September, the highest since tracking began in the early 2000s.
  • Some interest rates on used cars can rise to as much as 21%, according to Bankrate.
  • Soaring prices and rising interest rates are squeezing consumers, making it difficult for some to keep up with their auto loans.

Go deeper

FacebookTweetEmailLinkedIn
Chevron Gas Deal
Markets

Oct 23, 2023

Chevron Makes $53 Billion Deal Amid Surging Gas Prices

by PJ Howland Leaders Staff
nike logo
Company Culture

Oct 20, 2023

Nike to Require More In-Office Days From Employees

by Colin Baker Leaders Staff
blue collar workers
Retirement

Oct 20, 2023

Explaining The ‘C+ Grade’ Retirement Ecosystem in The United States

by PJ Howland Leaders Staff

Recent Articles

Hiring

Nov 1, 2023

Learn the Winning Answers to the Most Common Phone Interview Questions

Come to your next phone interview fully prepared

Personal Growth

Oct 30, 2023

85 Quotes on Self-Love to Boost Your Self-Esteem

Don’t fall into the trap of harsh self-criticism

Company Culture

Oct 27, 2023

What is a Sabbatical? Your Ticket to Restful Growth and Meaning

Sabbaticals can benefits both employees and businesses

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2025 Leaders.com - All rights reserved.

Search Leaders.com