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CED’s Policy Backgrounders provide timely insights on prominent business and economic policy issues facing the nation.
On Wednesday evening, the House voted 217-215 in favor of the Republican proposal to raise the debt ceiling into next year in exchange for sharp spending cuts in certain areas of the budget. But the bill also contains policy provisions that roll back a number of President Biden’s legislative agenda, prompting the President to issue a veto threat. While the bill will almost certainly be defeated in the Senate, proponents of the legislation hope that it will strengthen their position in negotiations with the White House on the lifting of the debt ceiling and spending cuts.
