Zinger Key Points
- House Democrats initiated a discharge petition to force a vote on increasing the debt limit.
- The petition requires 218 signatures, and over 200 endorsements have been received.
- Alexandria Ocasio-Cortez highlighted Kevin McCarthy's inability to secure the votes needed for a deal.
House Speaker Kevin McCarthy's authority to negotiate the debt ceiling is being challenged by Rep. Alexandria Ocasio-Cortez, who argues that he lacks the necessary votes.
What Happened: As House Democrats push forward with a backup plan to avoid a default on U.S. bills, a petition initiated by Rep. Brendan Boyle, a top Democrat on the House Budget Committee, aims to force a vote on increasing the debt ceiling, reported Business Insider.
The congressional maneuver, known as a discharge petition, mandates 218 signatures irrespective of party affiliation. Over 200 endorsements were received on Wednesday. Democrats anticipate securing signatures from all 213 members of their party.
See Also: Peter Schiff Says Raising Debt Ceiling Won’t Preserve America’s Prosperity But This Will
While no Republicans have indicated their intention to sign the petition, Ocasio-Cortez believes that Democrats can leverage this procedural tactic to exert pressure on their Republican counterparts.
Ocasio-Cortez emphasized that McCarthy lacks the votes necessary for a deal and, therefore, is not in a position to negotiate on the debt ceiling.
In a tweet, she highlighted the need for 218 votes to pass any legislation, and with Republicans having only around 150, they would require the support of 50-100 House Democrats.
Ocasio-Cortez asserted that Democrats already have 213 votes for a clean bill, needing only five more.
Why It Matters: Ocasio-Cortez drew parallels to McCarthy's Speaker vote debacle in January and questioned his ability to deliver the necessary support.
She described the situation as "rudderless" and emphasized the challenge of negotiating with someone unable to secure passage. As the June 1 deadline approaches, addressing the debt ceiling becomes crucial. Recently, President Joe Biden expressed optimism that he can reach a debt ceiling deal before the looming deadline.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
