President Joe Biden and Republican U.S. House Speaker Kevin McCarthy have voiced growing confidence about striking a debt-ceiling deal to avoid a catastrophic default, but they could be tripped up by last-minute opposition from the hardline House Freedom Caucus.
The small but powerful Republican faction warned this week that they could try to block any agreement to raise the $31.4 trillion debt ceiling from passing the House of Representatives, if the accord does not contain "robust" federal spending cuts.
While there are many variables at play, opposition from the Freedom Caucus could, at a minimum, slow down passage of a bill at a time when the economy can ill afford it, given the Treasury Department's warning that the federal government could be unable to pay all its bills as soon as June 1. "It's important that it be a robust deal. Something tepid won't do," said Representative Dan Bishop, a Freedom Caucus member.that passed the House in April, which would pare discretionary spending to fiscal year 2022 levels and cap future annual growth at 1%.Official positions require support from at least 80% of the group's membership, which includes at least 37 lawmakers, according to a Reuters tally.
Freedom Caucus member Bob Good is one of several hardliners who say they stand ready to oppose bipartisan legislation that fails to meet their goals, despite the risk of a default that could cripple the U.S. economy and unsettle global financial markets.
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