How will the US debt ceiling deal be passed?

However, the challenge is not over yet. Now, the bill still needs to be passed by the House and the Senate before it can be sent to Biden's desk for signing into law.

How will the US-led debt settlement agreement be passed? (Figure 1) — Capitol Building. Photo: Reuters

Biden and McCarthy officially reached an agreement after private meetings last week.

McCarthy announced he would give House members 72 hours to read the draft before a vote, and that passage through both the House and Senate could take several days.

The Treasury Department has warned that the U.S. government may be unable to pay its bills after June 5, a four-day delay from Treasury Secretary Janet Yellen's earlier forecast.

Can the US government raise the debt ceiling on its own?

If things get worse, the U.S. House of Representatives could resort to a rarely used emergency measure: They could vote on raising the debt ceiling without a budget clause. House Democrats have supported this idea, but it would be unlikely to succeed unless they could convince some Republican lawmakers.

In theory, Biden could also try invoking the 14th Amendment to the U.S. Constitution, which states that "the validity of the U.S. public debt... shall not be in doubt," to raise the debt ceiling himself. However, this could face opposition from higher courts.

The US House of Representatives will vote first.

The U.S. House of Representatives, controlled by the Republican Party with a narrow majority of 222-213, is expected to vote first. They need at least 218 votes for the bill to pass. In theory, this is entirely possible if all Republican representatives are present and vote. The debate and vote in the House could take one or two days.

The Senate will vote later.

If passed by the House of Representatives, the bill will be sent to the Senate, where the Democratic Party holds a minimum 51-49 majority.

To pass, this bill would need the support of at least nine Republican members. All draft laws require the support of 60 Senate senators to pass. The review and vote in the Senate could take nearly a week.

Senate Democratic leader Chuck Schumer has the final say on when the bill will be brought to a vote. But senators can slow the process by emphasizing procedural maneuvers, including 30 hours of debate on whether to begin and another 30 hours of debate on the bill itself.

After being approved by the House and Senate, the agreement will be sent to the White House for President Biden to sign into law.

Quoc Thien (according to Reuters)

Source