President Biden said he would sign the bill into law as soon as possible. “This bipartisan agreement is a big win for our economy and the American people,” the president said.

No one expects the House’s bill, which would increase the nation’s borrowing authority as well as cut spending, will reach President Biden’s desk.

The aim of the hearings on the House’s debt ceiling bill would be “to expose the true impact of this reckless legislation on everyday Americans,” the Senate majority leader said.