The legislation needed to avoid a default was passed on Wednesday, ahead the next week’s deadline
The US House of Representatives approved a bill to raise the debt ceiling on Wednesday, just days before the deadline to avoid a national default.
A total of 149 Republicans and 165 Democrats voted for the legislation, while 71 Republicans and 46 Democrats voted against it.
The vote comes after Treasury Secretary Janet Yellen warned on Friday that the government could run out of money to pay its bills by June 5. The bill now moves to the Senate, whose members have to approve it by Monday.
President Joe Biden thanked House members shortly after the vote for taking “a critical step forward to prevent a first-ever default and protect our country’s hard-earned and historic economic recovery.” Biden described the deal he struck with House Speaker Kevin McCarthy last Saturday as “a bipartisan compromise,” in which “neither side got everything it wanted.”
The vote followed a protracted fight between Republicans and Democrats over spending priorities. There were also fears that Republicans, who hold the majority in the House, would fail to support the Fiscal Responsibility Act due to the opposition from their own ranks. However, McCarthy, a Republican from California, said that by backing the bill, the party has “put the citizens of America first.”
DETAILS TO FOLLOW
June 01, 2023 at 07:01AM