US House passes debt ceiling deal as default threat looms
on Wednesday, with majority support from both Democrats and Republicans to overcome opposition from hardline conservatives and avoid a catastrophic default.
The measure, a compromise between Mr Biden and House Speaker Kevin McCarthy, drew opposition from 71 hardline Republicans. That would normally be enough to block partisan legislation, but 165 Democrats - more than the 149 Republicans who voted for it - backed the measure and pushed it through.The legislation suspends - in essence, temporarily removes - the federal government’s borrowing limit through January 1, 2025.
That is below the US$4.8 trillion in savings that Republicans aimed for in a bill they passed through the House in April, and also below the US$3 trillion in deficit that Mr Biden’s proposed budget would have reduced over that time through new taxes.In the Senate, leaders of both parties said they hoped to move to enact the legislation before the weekend. But a potential delay over amendment votes could complicate matters.
Senate debate and voting could stretch into the weekend, especially if any one of the 100 senators tries to slow passage. The deal leaves his signature infrastructure and green-energy laws largely intact, and the spending cuts and work requirements are far less than Republicans had sought.
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