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House Democrats all voted against the bill, arguing that Congress should raise the debt limit without conditions. They also slammed the spending cuts in the bill, saying they would have a massive impact on government programs Americans depend on from health care and nutrition services to education and infrastructure.

Debt Is (Mostly) Money We Owe to Ourselves

The debt limit "x date"  -- when the Treasury Department is at risk of running out of cash and wiggle room [techTalk!] under the borrowing cap to pay bondholders and other obligations -- will hit as early as June. The exact timing will depend in large part on tax receipts the Treasury is still analyzing, but the department plans to release an updated forecast later this week or next.

The Senate is planning to ignore House Republicans' bill, but will be under pressure to either negotiate or act on an alternative plan. Senate Majority Leader Charles E. Schumer offered no indication Wednesday that the House vote would change his negotiating posture.

"What this means, I believe, is that a country with its own currency would not be subject to the kind of self-fulfilling panic that is now arguably hitting Italy."

"We think what Speaker McCarthy and the House have done is going to bring us closer to default, not further away from it," the New York Democrat said.
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