US debt ceiling bill by Congress passes by House of Representatives


The US House of Representatives voted to advance a bipartisan bill to raise the debt ceiling, presented by Congress, which limits the amount of money the Federal Government can borrow.

According to the media reports, the United States House of Representatives passed the US debt ceiling bill of Congress by 314 – 117 in a late-night sitting on Wednesday. The vote comes as the government approaches a Monday deadline to lift the debt ceiling or default on its loans, a prospect experts warn could have devastating effects on the US economy.

The bipartisan bill will now go to the Senate, where the Democrats have a slim majority.

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After the bill passed the Republican-controlled House, US President Joe Biden said, “This agreement is good news for the American people and the American economy. I urge the Senate to pass it as quickly as possible so that I can sign it into law.”

The Speaker of the Republican House, Kevin McCarthy faced a divided party as he rallied votes for the 99-page deal, which would suspend the $31.4 trillion borrowing limit until January 2025.

At a news conference on Tuesday, Representative Scott Perry of Pennsylvania said, “This deal fails, fails completely. And that’s why these members and others will be absolutely opposed to the deal and we will do everything in our power to stop it and end it now.”