The House Rules Committee on Wednesday night approved a measure to temporarily suspend the federal debt limit and impose discretionary spending caps and set up a final House vote - though the future of the package remains uncertain in the lower chamber - then a vote in the Senate.
The measure voted on Tuesday night follows months of negotiations between House Speaker Kevin McCarthy and President that conclude Saturday with a deal in principle.
Senate Majority Leader said prior to the vote his chamber would hold its vote as soon as possible, if and when it clears the House.
In late April, the GOP-led House passed the Limit, Save, Grow Act of 2023 which would have increased the debt limit by $1.5 trillion for one year and capped the growth rate of domestic spending.
Senate Democrats and the White House derided the plan as a nonstarter and the final agreement includes greater concessions to that faction.
McCarthy secured the Speaker's gavel after 15 rounds of voting, in large part by making concessions to the Caucus on the debt.
Cruz, in particular, took except to a comment House Minority Leader Hakeem Jeffries, who argued the plan includes "Not one thing" for Democrats.
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