Can McCarthy Pass First Major Test As Speaker?

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Can McCarthy Pass First Major Test As Speaker?
House Speaker Kevin McCarthy faces a major test this week as he seeks to pass the Republican version of a debt ceiling plan, which would show he can keep Republicans together and pass a significant piece of legislation. However, failure to pass the bill could result in significant losses for the California Republican and potentially rattle the markets. President Biden has stayed on the sidelines for now, waiting for House Republicans to show whether they can pass the bill. The debt ceiling deadline is approaching, and there is growing concern about the cost of insuring against potential losses in U.S. Treasuries.

Fox News reported:

The ultimate bill which raises the debt ceiling must garner 60 yeas to break a filibuster in the Senate. We’re weeks away from that. And no one knows what that bill looks like. Members from the conservative House Freedom Caucus will likely balk because a final piece of legislation on the debt ceiling won’t mirror what they agreed to in McCarthy’s bill.

That’s where things could get dicey for McCarthy.

"Either he takes the Senate bill and faces a (no confidence vote) or we default," said one House Republican. "That’s quite a choice."

That’s why there are increasing worries about a market shock or one of the ratings agencies knocking down the credit worthiness of the U.S.

"Every day that goes by that we do not get this resolved is not a good day," said Fox Business Contributor Gary Kaltbaum. "And you never know what's going to be the tipping point. But there eventually will be a tipping point."

A senior GOP source familiar with the timing of the bill says the Republican brass plans to put the McCarthy measure on the floor Wednesday. House Republican leaders aim for Wednesday so they have Thursday and Friday as backstops if the votes aren’t there and the legislation requires more massaging.

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