Grassley: Bill to raise debt ceiling, limit spending is good and ‘not so good’

WASHINGTON — The U.S. House is expected to vote late today on raising the nation’s debt ceiling and Iowa’s senior senator is still on the fence about the legislation. Republican Senator Chuck Grassley says as important bills go, this one is at least relatively concise.

“It’s a little over 100 pages, I believe, compared to sometimes you have a couple of thousand pages bill on your desk,” Grassley says, “and so consequently, I should have gone through it thoroughly but haven’t yet. I probably won’t make my announcement until the House passes the bill.”

Indications are, the House vote won’t come until tonight, after the markets have closed. Grassley says he has done some research on the bill and isn’t entirely thrilled with it.

“There’s some good and some not-so-good in it,” Grassley says. “Another way of saying what I just said is, from the standpoint of cutting down on government expenditure, it could go a lot further.”

The measure was crafted by House Speaker Kevin McCarthy working with President Biden and it would suspend the debt ceiling until January 1st of 2025. Grassley says one of the keys to politics is the art of give-and-take.

“We have a Republican House, a Democrat Senate, a Democrat president, and so out of this, you have to have compromise,” Grassley says, “and very seldom could anybody say that the compromise was 100% the way they wanted it to be. So you accept some good, you accept some bad, and you vote either yes or no.”

In addition to raising the debt ceiling, the measure also promises to set certain limits on federal spending.

“This isn’t just about how much money to spend over the next two years,” Grassley says. “It’s also about the government not going into default. We never have defaulted and we won’t default and it’s very important to me that we don’t default.”

Grassley says he’ll make a decision on the legislation within 24 to 48 hours.