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A bipartisan coalition in the U.S. House voted Wednesday evening to raise the limit of how much money the federal government can borrow to pay its bills for the next two years. The legislation must clear the Senate and become law before Monday — the day the government would default on its debt without an extended borrowing cap.
The bill passed with wide support in a 314-117 vote. Before the vote, President Biden and House Speaker Kevin McCarthy (R-Calif.) made the case for the deal they had negotiated to their respective parties.
The legislation accomplishes much for both President Biden and House Speaker Kevin McCarthy (R-Calif.). Biden can point to a deal that, at least temporarily, frees him from the headache of the debt ceiling, while staving off Republican demands for steep cuts to domestic spending. McCarthy gets a deal that curtails federal spending, and increases some work requirements on federal aid programs, such as food stamps.
Some members of both parties, however, expressed skepticism at the compromises made to reach an agreement.
Marianna Sotomayor and Jeff Stein contributed to this report.
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