Debt Ceiling Deal: Bill Now Moves To Senate
Days before the US is scheduled to default on its debt, The House of Representatives approved a deal that allows the US to borrow additional money.
The measure suspends the debt limit through 2024. It also slightly reduces government spending for next year.
The measure was passed
by a vote of
314-117. Democrats supported the bill by a vote of 165-46 while Republicans supported it by a vote of 149-71.
The proposed spending limit for 2024-2025 would reduce projected federal budget deficits by nearly $1.5 trillion over the next decade. The total debt is more than $31 trillion.
"Passing the Fiscal Responsibility Act is a crucial first step for putting America back on track," said Speaker Kevin McCarthy, the top Republican in Congress.
Treasury Secretary Janet Yellen warned that if Congress did not raise or suspend the US debt ceiling before Monday, June 5th, the US government would be unable to cover its ongoing obligations.
The US Senate must vote on the bill later this week before President Joe Biden can sign it into law.