May 30, 2023 - US debt ceiling deal news | CNN Politics

May 30, 2023 - US debt ceiling deal news

Nicole Goodkind

By Mike Hayes, Maureen Chowdhury, Tori B. Powell and Nicole Goodkind, CNN

Updated 10:17 PM EDT, Tue May 30, 2023

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What each party gave up and gained in the debt ceiling deal

2:48 • Source: CNN

foreman debt ceiling

What each party gave up and gained in the debt ceiling deal

2:48

What we covered here

Deal passes key test: The House Rules Committee adopted a rule Tuesday to set parameters for debate of the debt limit legislation – a key hurdle that needed to be cleared before a final House vote can take place Wednesday.
GOP hardliners dig in: Some GOP hardliners have slammed the deal brokered by President Joe Biden and House Republicans, vowing to sink it in the chamber and question McCarthy’s leadership. McCarthy said Tuesday he’s not concerned about losing his speakership.
Tight deadline: Lawmakers are racing to pass the bill through both chambers and avert a catastrophic default ahead of the expected June 5 deadline. In a positive sign, a wide range of House members on both sides of the aisle – many of them moderates – appear poised to support the deal. Republicans believe they are pushing toward the needed GOP votes to have a majority, sources say.

Our live coverage has ended. Read more about the debt ceiling talks here or read through the posts below.

43 Posts

McCarthy tells GOP conference he did not fail on debt deal in private meeting, sources say

From CNN's Melanie Zanona, Haley Talbot and Manu Raju

Kevin McCarthy, R-Calif., walks to the House chamber at Capitol Hill, in Washington on Tuesday, May 30.

Kevin McCarthy, R-Calif., walks to the House chamber at Capitol Hill, in Washington on Tuesday, May 30.

Jose Luis Magana/AP

Speaker Kevin McCarthy told GOP members that he did not fail on the debt deal during a meeting behind closed doors on the debt limit agreement.

The speaker appeared upbeat in the meeting, the member added. McCarthy kicked it off by telling members: “Let’s have fun tonight?”

On his way into the meeting, McCarthy was asked by CNN what his message is to GOP members voting no, to which he quipped: “Vote yes.”

McCarthy received applause and a standing ovation as he entered the room.

Rep. Chip Roy stood up during the conference meeting and slammed the Sunday conference call as a “cheerleading” meeting, another GOP member who was there told CNN. Roy said they aren’t actually getting anything in terms of energy reforms and complained that it’s still $4 trillion, the member said, adding that Roy railed against the bill for three minutes in front of the conference.

Another GOP member in attendance said McCarthy also told House Republicans he didn’t want the Senate to jam them with a clean debt ceiling and that he wanted the House to be the leaders.

Republican lawmaker disputes GOP messaging of debt limit deal

From CNN's Morgan Rimmer and Manu Raju

Nancy Mace speaks with reporters awaiting news on the debt limit negotiations, at the Capitol in Washington, on Wednesday, May 24.

Nancy Mace speaks with reporters awaiting news on the debt limit negotiations, at the Capitol in Washington, on Wednesday, May 24.

J. Scott Applewhite/AP

Rep. Nancy Mace, who said she’d oppose the debt limit deal, told CNN Republican messaging is not “an honest display of what the bill does.”

“I read it multiple times. And I’m disappointed with the way that it’s been messaged, because I don’t think it’s been an honest display of what the bill does,” Mace said.

Mace added that she “won’t be supporting it.”

“It doesn’t cut spending in the way that we should,” she said.

Debt limit deal would reduce budget deficits by $1.5 trillion, Congressional Budget Office projects

From CNN's Kristin Wilson and Tami Luhby

The Congressional Budget Office told House Speaker Kevin McCarthy in a letter Tuesday night that the debt ceiling bill negotiated between House GOP leadership and the White House would reduce budget deficits by $1.5 trillion over the next 10 years.

Discretionary spending would also be reduced by a projected $1.3 trillion over the 2024-2033 period.

But in a troubling sign for McCarthy, the CBO also warned that changes to work requirement provisions in the food stamps program “would increase federal spending by about $2.1 billion over the 2023–2033 period.”

The bill would increase the upper age limit of the existing work requirement through 54, but veterans, homeless Americans and former foster youth of all ages would be exempt. Combined, these provisions would increase the number of people receiving benefits by about 78,000 people in an average month during the 2025 to 2030 period, when they were fully in effect, according to the agency.

GOP members had insisted on broadening work requirements for those in the Supplemental Nutrition Assistance Program, or SNAP, as food stamps are formally known.

The bill would also make changes to the work requirements in the Temporary Assistance for Needy Families program, which the CBO estimates would reduce direct spending by $5 million over the decade.

The CBO told McCarthy that rescinding the funding for the Internal Revenue Service would “result in fewer enforcement actions over the next decade and in a reduction in revenue collections.”

The CBO estimates that those changes would account for a $1.4 billion decrease in spending outlays, but a larger $2.3 billion decrease in revenues, and an increase in the deficit by an additional $900 million.

House Rules Committee advances debt ceiling bill

From CNN's Kristin Wilson

Rep. Ralph Norman, left, speaks next to Rep. Chip Roy, as the House Rules Committee discuss the debt limit bill, The Fiscal Responsibility Act of 2023, for a vote on the floor at the Capitol in Washington, DC, on Tuesday.

Rep. Ralph Norman, left, speaks next to Rep. Chip Roy, as the House Rules Committee discuss the debt limit bill, The Fiscal Responsibility Act of 2023, for a vote on the floor at the Capitol in Washington, DC, on Tuesday.

Jacquelyn Martin/AP

The House Rules Committee voted 7-6 to advance the debt ceiling bill to the floor.

As the CNN Hill Team has reported over the day, Republican Rep. Ralph Norman and Rep. Chip Roy voted against the measure.

The bill will come to floor Wednesday for debate and a final passage vote.

House Democrats sound off on White House's concessions in debt limit deal

From CNN's Morgan Rimmer and Manu Raju

House Democrats are sounding off over the concessions the White House made to Republicans in the debt limit deal.

Rep. Jared Huffman said, “As much as I believe from a budgetary perspective, Republicans really didn’t accomplish much in this deal, we did make other concessions to them that are really tough to swallow,”

“I haven’t yet decided how I’m going to vote, but I will tell you, I don’t feel good about it,” he added.

Both were particularly concerned with the environmental policy changes, including measures in the National Environmental Policy Act.

Dingell’s late husband, Rep. John Dingell, was one of the authors of the law, which requires environmental review process for certain projects. The debt ceiling bill would streamline that process, causing concerns among many Democrats that it could harm the environment.

Huffman called the move “mean,” saying that “it’s a step backward on climate and environmental policy. And I’m not thrilled about that.”

He also criticized Sen. Joe Manchin for pushing for the Mountain Valley Pipeline to be included in the deal. The agreement contains a surprising call to speed up the creation of the stalled natural gas pipeline.

Sen. Rand Paul says he will not block vote on debt ceiling bill if he gets a vote on his amendment

From CNN's Nicky Robertson

Senator Rand Paul during a Senate Health, Education, Labor, and Pensions Committee hearing in Washington, DC, on May 10.

Senator Rand Paul during a Senate Health, Education, Labor, and Pensions Committee hearing in Washington, DC, on May 10.

Al Drago/Bloomberg/Getty Images

Sen. Rand Paul, a conservative Republican from Kentucky, said he will not stop the debt ceiling bill from being expedited in the Senate if he is allowed a vote on his proposed amendment.

One Senator alone has the power to hold up a bill on the Senate floor if they chose to do so.

Paul acknowledged that he does not think he would get 50 votes on his amendment.

Sen. Mike Lee said “we’ll see” when asked by CNN’s Manu Raju about whether he would hold up a time agreement. Last week Lee said he intended to “use every procedural tool at my disposal to impede a debt-ceiling deal that doesn’t contain substantial spending and budgetary reforms.”

Senate Democrats have mixed reactions to debt limit deal

From CNN's Lauren Fox, Manu Raju and Nicky Robertson

Some Senate Democrats are not enthusiastic about the debt ceiling agreement, while multiple say they are still reviewing the bill and others have not yet decided if they will support it ahead of the June 5 deadline.

Sen. Richard Blumenthal said he is “far from ecstatic about some of the provisions,” and is still in the process of looking at it. He did say the agreement “seems like a reasonable and constructive way to avoid the catastrophe of default.”

Sen. Ben Cardin told reporters he is specifically concerned about spending numbers and recissions for the Small Business Administration, as he is the chairman of the Senate Committee on Small Business and Entrepreneurship. “The bottom line is I really want to understand what is in here before reaching a decision,” he said.

Sen. Elizabeth Warren said she still has concerns and continues to read. When asked if she has talked to the White House about her concerns, she said she has told “everyone.”

Sen. Chris Murphy said he will speak to the White House tomorrow about some remaining questions he has about the deal, and said that “details have been a little hard to come by.”

Sen. Bernie Sanders would not say whether he intends to support the bill. “You’ll see,” he told CNN.

Sen. Sherrod Brown said he does not know yet if he’ll support the bill. “There’s many priorities I have this didn’t address,” he said. “We just hope we beat back and think we beat back most of those efforts.”

Sen. Chris Van Hollen also said he has not made a final decision on the bill, but that the “framework looks good.”

Sen. Chris Coons, a key ally of President Joe Biden, seemed more positive. He told CNN that he thinks the bill will have the support of the Democratic conference.

Sen. Debbie Stabenow, who is not seeking re-election, said she supports the bill.

Some House and Senate Republicans are unhappy with parts of the debt limit deal

From CNN's Manu Raju and Melanie Zanona

Rep. Matt Gaetz arrives for a vote at the US Capitol in Washington, DC, on Tuesday.

Rep. Matt Gaetz arrives for a vote at the US Capitol in Washington, DC, on Tuesday.

Francis Chung/Politico/AP

Rep. Matt Gaetz, who is opposing the bipartisan debt ceiling deal, said Republicans would try to oust Kevin McCarthy as speaker if a majority of the House GOP conference does not back the bill.

He told CNN he has “not been involved in any discussion about ousting McCarthy from the speakership” and added that he believes it’s unlikely that it will happen.

Remember: McCarthy, however, has repeatedly expressed confidence that a majority of House Republicans will back the bill. On Tuesday, one of the key debt limit negotiators said he too is confident about House Republicans’ support for the bill, despite pushback from conservatives.

Sen. Marco Rubio, the top Republican on Senate Intelligence, is among voices criticizing components of the deal. He told CNN that the “defense number is a problem for me” in the debt limit bill, and that he’s “torn a little bit about it.”

And Sen. Roger Wicker, the ranking Republican on Senate Armed Services, told CNN “I’m struggling” with the bill because of the Pentagon funding levels agreed to by McCarthy and Biden.

“In terms of purchasing power, it’s a substantial cut,” he said.

Republicans say the Pentagon’s budget will suffer because the agreed-upon levels don’t keep up with inflation.

Senate minority whip confident there will be at least 9 GOP votes for debt limit bill once it gets to chamber

From CNN's Lauren Fox and Nicky Robertson

Senate Minority Whip John Thune arrives for a closed-door briefing at the US Capitol Visitors Center on April 19, in Washington, DC.

Senate Minority Whip John Thune arrives for a closed-door briefing at the US Capitol Visitors Center on April 19, in Washington, DC.

Chip Somodevilla/Getty Images

Senate Minority Whip John Thune said he is confident there will be at least nine Republican senators who support the debt ceiling bill once it comes to the chamber.

This will likely pave the way for the eventual passage of the bill if Senate Democrats are unified.

“None of these are perfect. We all know that. Members are concerned about the defense number, but you have to weigh it in the context of everything that was achieved and yes, it certainly wasn’t a perfect deal from our vantage point, but I think the wins certainly are significant,” Thune said.

The big question now is how long it is going to take to pass it.

“If we receive it tomorrow night then it is just a question of figuring out what the appetite is for amendments and kind of how our guys want to proceed,” Thune said.

Remember: The timeframe to get the bill passed through both chambers of Congress and signed into law is extremely tight. Lawmakers are racing the clock to avert a catastrophic default ahead of June 5, the day the Treasury Department has said it will no longer be able to pay all of the nation’s obligations in full and on time.

The powerful House Rules Committee must vote to adopt the rule, a hurdle that must be cleared before the bill can come to the House floor for a final vote. If the bill passes in the full House, it would then head to the Senate for approval.

Procedurally, there are a number of ways that members could muck up the works, but Thune said leadership is still accessing “the mood of the conference” and will have a better sense of how long this will take in the upcoming days.

With a time agreement, the Senate could move rapidly to pass the debt ceiling bill.

Without one, the regular Senate process would slip beyond the June 5 deadline. There is optimism they could find a way forward, but Thune was clear it could take some time to sort out over the next few days.

GOP Sen. John Cornyn said he thought it was more likely than not that lawmakers would work the weekend.

Cornyn wouldn’t commit to backing the bill saying he wanted to see what comes out of the House, but he was effusive in his praise for McCarthy saying it was a “heroic” effort at a compromise.

He downplayed the conservative pushback against the bill from the House Freedom Caucus.

“The very definition of a compromise means there is going to be some people dissatisfied. You can always say ‘you could have done better,’” Cornyn said. “I’m waiting to see what the sausage looks like when it comes out of the House.”

Cornyn said he was also concerned about the defense number.

Key GOP negotiator says he is confident majority of House Republicans will back debt limit deal

From CNN's Morgan Rimmer

Rep. Patrick McHenry speaks to reporters outside of the office for Speaker of the House Kevin McCarthy in the Capitol Building on May 30 in Washington, DC.

Rep. Patrick McHenry speaks to reporters outside of the office for Speaker of the House Kevin McCarthy in the Capitol Building on May 30 in Washington, DC.

Anna Moneymaker/Getty Images

Rep. Patrick McHenry, one of the key negotiators of the debt limit deal, said he is confident that a majority of House Republicans will support the bill, despite pushback from conservatives.

Asked if it would pass tomorrow, he replied, “Yes.”

McHenry also defended House Speaker Kevin McCarthy against whispers from some House Freedom Caucus members about using the motion to vacate the chair.

“I think Speaker McCarthy has shown that he has enormous capacity to lead House Republicans. He got us to the table for negotiations,” McHenry said. “He stated clearly in the room to House Republicans and the media the purpose of us passing the bill was to get a negotiated outcome.”

Presidential candidate Nikki Haley criticizes debt limit deal

From CNN's Kate Sullivan

Republican presidential candidate and former South Carolina governor Nikki Haley holds a rally in Greer, South Carolina, United States on May 4, 2023.

Republican presidential candidate and former South Carolina governor Nikki Haley holds a rally in Greer, South Carolina, United States on May 4, 2023.

Peter Zay/Anadolu Agency/Getty Images

Republican presidential candidate Nikki Haley on Tuesday criticized the debt limit deal reached by President Joe Biden and House Speaker Kevin McCarthy.

Debt deal on track to clear key hurdle after GOP representative says he expects to support rule

From Clare Foran, Kristin Wilson and Haley Talbot

Rep. Thomas Massie attends the House Rules Committee meeting on the Fiscal Responsibility Act of 2023, which will increase the federal debt limit, in the Capitol on Tuesday, May 30.

Rep. Thomas Massie attends the House Rules Committee meeting on the Fiscal Responsibility Act of 2023, which will increase the federal debt limit, in the Capitol on Tuesday, May 30.

Tom Williams/CQ-Roll Call/Getty Images

In a win for House Speaker Kevin McCarthy, GOP Rep. Thomas Massie said Tuesday he expects to support a rule to set parameters for debate.

The powerful House Rules committee, which is meeting now on the debt limit bill, must still vote to adopt the rule, but with Massie’s anticipated support, it is now on track to do so — a hurdle that must be cleared before the bill can come to the House floor for a final vote.

Conservative hardliners divided on strategy to target McCarthy's speakership over debt deal

From CNN's Melanie Zanona, Manu Raju and Morgan Rimmer

Rep. Dan Bishop is joined by 10 other members of the Freedom Caucus to announce they would oppose the deal to raise the debt limit during a news conference outside the U.S. Capitol on May 30, in Washington, DC.

Rep. Dan Bishop is joined by 10 other members of the Freedom Caucus to announce they would oppose the deal to raise the debt limit during a news conference outside the U.S. Capitol on May 30, in Washington, DC.

Chip Somodevilla/Getty Images

Most members of the hardline House Freedom Caucus are furious about the bipartisan debt ceiling deal but struggling to come up with a strategy to block it. They remain divided on whether to try to oust Kevin McCarthy as speaker.

At least one member of the group, Rep. Dan Bishop, has publicly threatened to force a motion to vacate the speaker’s chair over McCarthy’s deal-making, arguing he violated the promises he made to secure the gavel. Rep. Chip Roy also promised a “reckoning” and suggested they need to “re-look at how our leadership structure is in place. … we’re gonna have to rethink it all right.”

But during a conference call last night when the motion to vacate was briefly brought up, Chair Scott Perry dismissed the idea as “premature” and the conversation quickly moved on, according to a source on the call.

The source said that there have been private, “independent” discussions about the motion to vacate among some of McCarthy’s fiercest critics, but not among the Freedom Caucus as a whole, where there is far less appetite to go that route.

Rep. Marjorie Taylor Greene, a McCarthy ally and Freedom Caucus member, pushed back on efforts to target the speaker, delivering this message to her colleagues: “Don’t sink the ship, there’s no need to.”

Some more context: It only takes one member to force a floor vote on ousting McCarthy, but it would take five Republicans to actually succeed in removing him if all Democrats back the effort. And it’s also possible some Democrats could step in to save McCarthy under that scenario; House Minority Leader Hakeem Jeffries, however, declined to say whether they would.

Another GOP member said depending on how many Republicans end up voting against the deal, and how furious the base is back home, will dictate whether any conservatives follow through with the motion to vacate.

McCarthy has expressed confidence that he’ll be able to pass the deal with the majority of his conference’s support and dismissed concerns that his speakership could be in jeopardy.

For now, the Freedom Caucus — several members of which huddled in McCarthy’s office Tuesday afternoon — is focused on trying to rally opposition to the bill. But even many of them acknowledged the deal is likely to pass.

IRS faces $20 billion cut under debt ceiling deal

From CNN's Katie Lobosco

Last year, Congress approved $80 billion in new funding for the Internal Revenue Service — but the bipartisan debt ceiling deal would claw some of that money back.

If the deal passes Congress, the IRS may see only about $60 billion of those funds over a 10-year period.

The money, which was originally included in the Inflation Reduction Act, is meant to support the agency in cracking down on tax cheats and providing better service to taxpayers. But Republicans have been critical of sending so much money to the IRS and skeptical that the investment won’t lead to increased audits of hardworking Americans.

Having a set allocation of money for the next decade, rather than waiting to see what Congress appropriates annually, is key in helping the IRS plan a massive overhaul to its operations, which desperately need modernizing.

But the White House has said the cut included in the debt ceiling deal won’t fundamentally change what the IRS can do over the next few years.

So far, the agency has hired 5,000 new customer service agents with the new money, helping to significantly increase the amount of taxpayer calls it could answer during the 2023 tax filing season. The IRS also plans to launch a free filing tax pilot program next year.

Biden administration officials have repeatedly said taxpayers earning less than $400,000 a year won’t face an increase in taxes due to the new funding, though there is some uncertainty about how exactly the IRS can ensure this.

Durbin says he's still looking over the debt ceiling agreement

From CNN's Nicky Robertson

Senate Majority Whip Dick Durbin said Tuesday he is still looking at the debt ceiling agreement that was reached by President Joe Biden and House Speaker Kevin McCarthy this weekend.

Durbin said one of his main concerns is funding for the National Institute of Health under the deal.

“I’m worried about what happens to them under this budget deal. Is it a 1% solution or no solution? I’m not sure and I want to find out,” he said.

Asked about the likelihood of reaching an agreement to get a vote on the agreement in the Senate before the June 5 deadline, Durbin noted that just one senator has the power to hold up a vote — but said there will be work done “behind the scenes” to try and get senators home by the weekend.

“Several people will make pronouncements, then there’ll be discussion behind the scenes, and we’ll try to find that accommodation that gets everybody home, at least by the weekend,” he said.

US markets close mixed as investors weigh chance of debt ceiling deal

From CNN’s Nicole Goodkind

Traders work on the floor of the New York Stock Exchange during morning trading on May 30 in New York City.

Traders work on the floor of the New York Stock Exchange during morning trading on May 30 in New York City.

Michael M. Santiago/Getty Images

US stocks closed mixed on Tuesday — the first day of a short trading week — as investors weigh the likelihood of Congress passing a tentative plan this week to lift the country’s debt ceiling and avoid a potential default on government obligations.

The Dow closed down 51 points, or 0.2%. The S&P 500 was flat. The Nasdaq Composite gained 0.3%.

President Joe Biden and Republican House Leader Kevin McCarthy reached a spending deal over the weekend to raise the debt limit. The House is expected to vote on the bill as soon as Wednesday.

Wall Street appears hopeful that the plan will pass and some powerhouse banking CEO’s are urging Congress to accept the deal. The Financial Services Forum, a trade group whose members include Citigroup CEO Jane Fraser, JPMorgan Chase CEO Jamie Dimon and Goldman Sachs CEO David Solomon, issued a statement Tuesday in support of the bipartisan agreement.

But investors will be watching the proceedings closely, as some lawmakers have expressed discontent with the deal. Republican and Democratic votes are both needed to pass the bill.

Chipmaker Nvidia, meanwhile, briefly became the ninth company in history to achieve a market cap of $1 trillion. Shares of the stock reached a high of more than $419 per share in trading Tuesday, boosting the total value of the company into the trillion-dollar range before falling back below the threshold.

The company, which makes chips used in artificial intelligence, saw its shares soar after it beat earnings expectations and posted strong guidance for the year ahead. Shares of the stock closed at $401, just short of the $404.86 needed to retain its trillion-dollar market cap.

Tesla shares surged by 4.1% Tuesday as CEO Elon Musk made his first visit to China in about three years. Musk is expected to visit Tesla’s plant in Shanghai and meet with senior Chinese officials.

Pipeline company Equitrans Midstream also spiked around 35% Tuesday because the debt ceiling agreement contains a surprising call to speed up the creation of a stalled natural gas pipeline called the Mountain Valley Pipeline. Equitrans is the lead developer of the pipeline project.

In commodities news, US oil prices dropped below $70 a barrel Tuesday on concerns about whether the debt ceiling deal will make it through Congress and on reports of tensions between Saudi Arabia and Russia ahead of a key OPEC+ meeting. Crude slumped 4.4% to close at $69.46 a barrel, the lowest settlement price in nearly four weeks.

Traders are also gearing up for the US jobs report for May, due out Friday. Investors will analyze the report for clues about whether the Federal Reserve will raise interest rates at its June meeting. The closely watched JOLTS report for April, which details job openings, is expected out on Wednesday.

As stocks settle after the trading day, levels might change slightly.

Freedom Caucus members meet with McCarthy after railing on his deal

From CNN's Manu Raju

Rep. Chip Roy walks through the US Capitol in Washington, DC, on May 30.

Rep. Chip Roy walks through the US Capitol in Washington, DC, on May 30.

Mandel Ngan/AFP/Getty Images

Several of House Speaker Kevin McCarthy’s sharpest GOP critics spent roughly an hour in the leader’s office and declined to comment about the meeting.

Reps. Chip Roy, Scott Perry and Michael Cloud were all seen leaving his office.

“You can imagine” how it went, Roy said.

More background: Roy has threatened McCarthy’s leadership role over the debt limit deal during an interview with Glenn Beck, saying that if the deal can’t be killed in the Rules Committee or on the floor, “Then we’re going to have to then regroup and figure out the whole leadership arrangement again.”

These comments were confirmed to CNN through his spokesperson.

“We will continue to fight it today, tomorrow, and no matter what happens, there’s going to be a reckoning about what just occurred, unless we stopped this bill by tomorrow,” Roy later told reporters in a noon Freedom Caucus news conference Tuesday.

Schumer says he supports bipartisan debt limit deal

From CNN's Nicky Robertson

Senate Majority Leader Chuck Schumer and Speaker of the House Kevin McCarthy attend a portrait unveiling for former Speaker Paul Ryan in Statuary Hall on Capitol Hill on Wednesday, May 17, in Washington, DC.

Senate Majority Leader Chuck Schumer and Speaker of the House Kevin McCarthy attend a portrait unveiling for former Speaker Paul Ryan in Statuary Hall on Capitol Hill on Wednesday, May 17, in Washington, DC.

Jabin Botsford/The Washington Post/Getty Images

Senate Majority Leader Chuck Schumer said that he supports the debt ceiling agreement reached by President Joe Biden and House Speaker Kevin McCarthy.

Schumer said that he will try and get the bill passed in the Senate ahead of the June 5 X-date.

The majority leader said that Senators should be ready to “act with urgency,” once the bill is passed in the House.

“When this bill arrives in the Senate, it is my plan to bring it to the floor as quickly as possible for consideration. Senators must be prepared to act with urgency to send a final product to the President’s desk for the June 5 deadline,” Schumer said.

Schumer added, “Nobody gets everything they wanted. But this bill is the responsible, prudent and necessary way forward.”

House minority leader says House Republicans must produce 150 votes for debt deal

From CNN's Melanie Zanona

House Minority Leader Hakeem Jeffries speaks to members of the media at the Capitol in Washington, DC, on May 30.

House Minority Leader Hakeem Jeffries speaks to members of the media at the Capitol in Washington, DC, on May 30.

Mandel Ngan/AFP/Getty Images

House Minority Leader Hakeem Jeffries declined to say how many Democrats he expects to back the debt ceiling deal, but said Republicans must keep their promise to put up 150 votes.

When pressed by CNN on whether Democrats would bail out McCarthy if conservatives trigger a motion to vacate the speaker’s chair, Jeffries declined to say.

Jeffries was also asked whether Democrats would step in to help advance the bill out of the House Rules Committee if needed, to which he said he does not expect there to be “any issues” getting the bill to the floor.

The House Minority leader acknowledged they still have work to do in selling the deal to his caucus, particularly among progressives, saying, “we will continue to have a family conversation throughout the day, later on this evening and tomorrow” and that “the White House has engaged in an incredible amount of activity to communicate with all aspects of the House Democratic Caucus”

Some context. Jeffries’ call for House Republicans to deliver at least 150 debt ceiling votes implies that Democrats believe they can carry the rest (which would be around 70 members) to get the deal over the finish line.

NOW: House committee meets for key vote on debt limit bill

From CNN's Clare Foran, Lauren Fox, Haley Talbot and Melanie Zanona

The powerful House Rules Committee is now meeting to decide whether to advance the new debt ceiling legislation to a full floor vote.

The panel must adopt a rule to set parameters for debate – a hurdle that needs to be cleared before a final House vote can take place. Some of the bill’s loudest conservative critics sit on the panel and pressure is growing on a key Republican swing vote as leadership works to advance the deal to a final floor vote on Wednesday.

One of those critics – GOP Rep Chip Roy – made the strongest threat yet to House Speaker Kevin McCarthy’s gavel during an interview with conservative commentator Glenn Beck, saying if the deal can’t be killed in the Rules Committee or on the floor: “Then we’re going to have to then regroup and figure out the whole leadership arrangement again.”

The comments were confirmed to CNN through his spokesperson.

McCarthy said later on Tuesday he is not concerned about losing his speakership over the debt ceiling deal.

The timeframe to get the bill passed through both chambers of Congress and signed into law is extremely tight. The Treasury Department has said it will no longer be able to pay all of the nation’s obligations in full and on time as soon as June 5.

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