Republicans Pass Debt Ceiling Bill With Spending Cuts, Risking Crisis and Biden Veto
- House GOP's plan would raise borrowing cap by $1.5T in exchange for cuts to climate, health and other programs if enacted.
- Bill passes House 217-215 but faces dim prospects in Senate; 4 Republicans voted no, opposing size of debt or lack of spending cuts.
- Treasury could run out of cash between July and September; default could spur crisis.
- Biden demands 'clean' debt ceiling lift, threatens veto; says GOP plan would cut into programs like policing, head start.
- Vote gives McCarthy win but shows grip on party's right flank; he worked overnight to appease critics wanting more benefit work rules.
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