President Joe Biden and Congressional leaders have reached an agreement on a deal related to the nation’s debt ceiling to avoid default.
The plan is now moving through the legislative process, as the House Rules Committee voted 7-6 Tuesday evening to send the measure to the House floor.
House members are expected to vote on the bill Wednesday afternoon. Ahead of the vote, Kentucky Chamber of Commerce President and CEO Ashli Watts released the following statement urging members of Congress to support the agreement reached by the President & Congressional leaders:
“The Kentucky Chamber offers its appreciation and support of the deal reached to avert a debt ceiling crisis, and we applaud the President and Congressional leaders for coming together in a bipartisan manner to act in the best interests of the country. On behalf of Kentucky’s largest business organization, we urge our Kentucky delegates in Washington to support this measure to limit out-of-control spending and avoid simply passing the financial burden down to future generations. Members of Congress must finish the job and send the bill to the President’s desk to be signed into law as soon as possible, as it is vital to our economic growth both in Kentucky and nationwide. We appreciate your consideration and support.”
If the bill passes the House, it would go to the Democratic-led Senate, where it would need 60 votes before it could get to President Biden’s desk. Senate Majority Leader Chuck Schumer and Kentucky’s own Senate Minority Leader Mitch McConnell have both endorsed it.
Stay tuned to The Bottom Line for more updates.