The US debt limit deal, negotiated by President Joe Biden and Republican House Speaker Kevin McCarthy this past weekend, cleared a key hurdle late Tuesday evening: The powerful House Rules Committee voted 7-6 to advance the debt ceiling bill to the floor.
Investors breathed a sigh of relief after the bill cleared the Committee: Some of the bill’s loudest conservative critics are members of the panel.
The timeframe to get the bill passed through both chambers of Congress and signed into law is extremely tight. Lawmakers are racing the clock to avert a catastrophic default ahead of June 5, the day the Treasury Department has said it will no longer be able to pay all of the nation’s obligations in full and on time, report my CNN Politics colleagues.
If all goes well, the full House could vote on the bill as soon as Wednesday. The Senate could then vote on the bill as early as Thursday, placing it on President Biden’s desk before the weekend.
This article was originally published by CNN.