Bloomberg Tax
May 25, 2023, 10:03 AM

FINANCE BRIEFING: Any Debt Deal Faces Time-Consuming Hurdles

Giuseppe Macri

Once President Joe Biden and Speaker Kevin McCarthy shake hands on a debt limit deal, there is still a procedural and political gauntlet to run before the US can avert a default.

First the two sides need to ensure they have the votes. McCarthy (R-Calif.) has said he expects a majority of House Republicans to back any deal he negotiates. But plenty of Democratic votes are sure to be needed as GOP hard liners aren’t likely to stand for compromises with the White House.

Senate approval is virtually certain, but timing is another matter.

The chamber’s rules allow any one ...

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