Debt-Limit Deal Passes the House, Easing US Default Concerns
- Measure heads to Senate, where passage is virtually certain
- Bipartisan coalition of moderates pushes bill through House
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The House passed debt-limit legislation forged by President Joe Biden and Speaker Kevin McCarthy that would impose restraints on government spending through the 2024 election and avert a destabilizing US default.
Lawmakers from both parties joined to approve the bill 314-117 Wednesday evening, sending the measure to the Senate for consideration as a default deadline draws near. The vote cements Biden’s reputation for pragmatism and working across party lines as he seeks a second term and allows McCarthy to claim success in his first major test as speaker.