Weekly Outlook—May 30, 2023

A preliminary deal to raise the federal debt ceiling was reached over the weekend, and draft text was released late on Sunday. With Congress returning from the Memorial Day holiday on Tuesday, both chambers are preparing for a review and series of rapid votes.

On Tuesday, the House Rules Committee is will meet to approve the rule for consideration of the legislation. Voting is then anticipated to move to the full House on Wednesday. The Senate will take up the legislation after passage in the House, with Senate Majority Leader Chuck Schumer indicating the possible need for weekend voting to complete passage before the June 5 deadline.