US House Passes Debt Ceiling Deal, Bill Now Moves To Senate
NDTV
Joe Biden hailed the 314-117 vote as a "critical step" to protecting the country's post-pandemic economic recovery that had been achieved through "bipartisan compromise."
US lawmakers voted Wednesday to raise the national borrowing limit as a crucial first step to averting a catastrophic default, greenlighting a pact struck between Washington's warring parties after weeks of brinkmanship and fraught backroom deal-making.
Hammered out between Democratic President Joe Biden and the Republicans in the House of Representatives, the measure suspends the debt ceiling through 2024, slightly cutting government spending next year.
"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.
"It does what is responsible for our children, what is possible in divided government, and what is required by our principles and promises."
