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digging through the numbers and we'll have the highlights for you on that in just minutes. first, the big news overnight, that the senate passed the bill to suspend the debt ceiling. the president will sign it into law later and address the nation this evening. no doubt, analysts will try to assess winners and losers from the negotiations. one clear winner is the u.s. economy. the fact that the country will not default on its debt as soon as monday. the bill passed the senate overnight, 63-36. it was bipartisan. every way you look at it, it took both republicans and democrats to get it through, but it was opposed by significant numbers of both parties as well. the bill suspends the debt ceiling until after the 2024 presidential election. it caps nondefense spending at about $700 billion, and protects veterans medical care. the package will add work requirements for some adults receiving food stamps though it eases the past to receiving assistance for others. it claws back some covid relief funds and reduces by $20 billion the amount allocated to the irs
ceiling for two years. after republicans demand it's demanded spending cuts, the deal caps non-defense spending to just a. 1% increase over the next two years. it claws back unspent covid aid, and places new work requirements for some adults on food stamps. >> some house conservatives are worried mccarthy gave up too much into floated the idea of replacing him as speaker. >> if i can't kill it, if we can't kill it on the floor tomorrow, then we are going to have to then regroup and figure out the whole leadership arrangement again. >> mccarthy, of course, needs 218 votes to get this bill passed, and if he fails to get enough republican votes, he's going to need support from democrats. but here's the problem there, some of those are far, far, far from being the lock. >> i'm still undecided. and those words are exactly how i still feel. we are being held hostage.
the key points in it. >> the bill will raise the debt ceiling for two years. after republicans demand it's spending cuts, the deal caps non-defense spending to just 1% increase over the next two years. it claws back unspent covid aid, and places new work requirements for some adults on food stamps. >> some house conservatives aware wade mccarthy gave too much and even floated the idea of replacing him as. >> if i can't kill it, if we can't kill it on the floor tomorrow, then we're gonna have to then regroup and figure out the whole leadership arrangement again. >> mccarthy of course needs 218 votes to get this bill passed, and if he fails to get enough republican votes, he's going to need support from democrats. but here's the problem there, some of those are far far far from being the lock. >> i'm still undecided. and those words are exactly how i still feel. we are being held hostage.
>> not one republican should vote for this deal. it is a bad deal. >> it is bad in a lot of respects. >> reporter: the bill will raise the debt ceiling for two years. and after republicans demanded spending cuts, the deal caps nondefense spending to just a 1% increase over the next two years. it claws back unspent covid aid and places new work requirements for some adults on food stamps. still, some house conservatives are worried mccarthy gave up too much, and some are entertaining what's called a motion to vacate, a vote to remove mccarthy as speaker. how do you view the motion to vacate in this situation? >> as a tool to fix republican leadership to align with the republican conference. >> reporter: but mccarthy believes the bill's future is solid and his speakership is not in danger. >> i'm is not sure what in the bill people are concerned about. it is the largest savings of 2.1 trillion we've ever had. are they opposed to work requirements for welfare?
of extraordinary measures that the treasury department can use, takes it off the table through the next election. there's spending caps after two years, and there are targets that congress is not bound to, but that house republicans want to, you know, pursue. there's permitting reform, overhauls the process of infrastructure removed. it claws back unspent covid relief funds, new tougher work requirements for federal aid programs like s.n.a.p. and tanf. none to medicaid, no changes to that. rescission of irs funding and full funding of veterans care. what's next here on capitol hill. tomorrow afternoon, the rules committee is slated to meet. it will have to approve this in order to get to the floor. there's a bit of drama going on there. two republicans you mentioned, those hard-line conservatives are on the committee, actively trashing the bill if three or more republicans vote against it in the rules committee. democrats will have to make up the difference, and that's where you see the sales job going on
the $31 trillion debt ceiling until january 1, 2025 and also placing new restraints on nondefense spending. it claws back $30 billion in covid relief. rescinds $20 billion of irs funding, expand work requirements for some americans on food assistance and in august ends the pause on federal student loan payments. social security, medicaid and veterans benefits are preserved. absent, tax increases on big corporations and the wealthiest americans, a top demand from democrats. >> mr. president, what do you say from members of your own party that say you made too many concessions in the deal? >> they'll find i didn't. >> thanks, elizabeth. walk us through this critical week ahead to get this legislation passed by that june 5 deadline. >> whit, white house officials say they're ramping up briefs with congress ahead of the vote wednesday. if the bill passes the house, it could immediately head to the
un-- in unspent covid funds and rescinds $1.9 billion out of $80 billion in new funding percent irs. members of the house are expected to vote on the bill as early as wednesday or thursday. if the bill is passed, it will then head to the senate for a vote. the president and lawmakers have just nine days to passes the bill and get it signed into law or risk debt default after treasury secretary janet yellen pushed the deadline back to june 5th. and reporters were treated to chipotle last night by speaker mccarthy after putting in long hours to cover negotiation. the full text of the bill will be released later today. back to you. will: thank you. rachel: thank you. well, you know, i mean, the republicans have been trying to get the deal, you know, going. they seem to be bragging that it's okay. there's a few dissenters who say it's not enough because, of course, we increased spending by, like, $2 trillion just in the last couple years. but it claws back $29 billion in
inning spending, consequential reforms that will rein in government overreach. there are no new taxes, no new government programs. ♪ jason: here is what we mow is in the deal: it suspends the debt ceiling until after 2024 election, no increase in non-defense spending for the next fiscal year, and it caps it at 1% the following fiscal year. it also increases defense spending and money for veterans. we're also learning it claws back some unspent covid-19 pandemic funds and cuts nearly $2 the billion in money used to hire new irs agents. it also reportedly expands work requirements for some adults receiving food stamps but no work requirement changes for medicaid. the house republicans are expected to come back to the washington on tuesday and and vote on the bill on wednesday. we'll take it up with congressman brian mast and congresswoman beth van duyne. meanwhile, china has spent the
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schumer have no right to play politics with the debt. now that we have introduced a clear plan for responsible, debt limit increase, they have no more excuse and refuse to negotiate. >> the plan raises the debt ceiling by $1.5 trillion or it suspends the debt ceiling through march 31st, next year, whichever comes first. it claws back unused covid dollars and it reverts spending to levels from the last fiscal year. republicans wanted to get something on the table, as the president remains silent. >> i would love to push through that and i would like to get it done sooner rather than later and really put that ball into chuck schumer and the senate's court. >> mccarthy and president biden have not discussed the debt ceiling since winter. the president refuses to negotiate. >> speaker mccarthy is engaging in dangerous economic