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Published 1 year ago

Debt ceiling bill passes in the House, advances to the Senate days ahead of default deadline

  • The House of Representatives has approved a debt ceiling and budget cuts package negotiated between President Biden and Speaker McCarthy, with a vote of 314-117.
  • The compromise restricts spending for the next two years, suspends the debt ceiling into January 2025, changes policies including work requirements for older Americans receiving food aid, and boosts funds for defense and veterans while reducing money for Internal Revenue Service agents.
  • While the package did not please many lawmakers, it is considered better than the alternative of a default crisis. The Senate is expected to pass the bill before the Treasury's deadline next Monday.
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