US House Passes Debt Ceiling Bill With Broad Support, Biden Urges Senate To Sign It Into Law

<p>U.S. House of Representatives on Wednesday passed a bill to suspend the $31.4 trillion debt ceiling with both Democrats and Republicans showing a clear majority to avoid a catastrophic default in the country amid opposition to the plan led by hardline conservatives. The Republican-majority House voted 314-117 to send the legislation to the US Senate which has to enact the measure and get it to President Joe Biden's desk before Monday's deadline when the country's federal government is expected to run out of money.</p> <p>"This agreement is good news for the American people and the American economy," Biden said after the vote. "I urge the Senate to pass it as quickly as possible so that I can sign it into law," he said, as quoted by news agency Reuters.</p> <p><strong>ALSO READ | <a title="" href="https://ift.tt/PVlS4CL" target="_blank" rel="noopener" data-toggle="tooltip" data-html="true" data-original-title="Story ID: 1605886" aria-describedby="tooltip627552">India Extends $1 Billion Credit Line To Sri Lanka For Another Year Amid Economic Crisis</a></strong></p> <p>The plan was agreed upon in a compromise between Biden and US House Speaker Kevin McCarthy but still drew opposition from 71 hardline Republicans. According to Reuters' report, the opposition would normally be enough to block partisan legislation, but 165 Democrats and over 149 Republicans backed the bill and pushed it through.</p> <p>Republicans control the US House by a narrow 222-213 majority.</p> <p>The legislation temporarily removes the federal government's borrowing limit through Jan. 1, 2025, further allowing Biden and US Congress to set aside the politically risky issue until after the November 2024 presidential election.</p> <p>The agreed plan also limits some US government spending over the next two years while speeding up the permitting process for certain energy projects, clawing back unused <a title="COVID-19" href="https://ift.tt/MlPX2bH" data-type="interlinkingkeywords">COVID-19</a> funds. It also expands work requirements for food aid programs to additional recipients.</p> <p>Progressive Democrats oppose the bill for a few reasons which include new work requirements from some federal anti-poverty programs.</p> <p>"Republicans are forcing us to decide which vulnerable Americans get to eat or they'll throw us into default. It's just plain wrong," said Democratic Representative Jim McGovern on Wednesday, as quoted by Reuters.</p> <p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-7">Meanwhile, Hardline Republicans demanded deeper spending cuts and more stringent reforms.</p> <p class="text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__full_width__ekUdw body__large_body__FV5_X article-body__element__2p5pI" data-testid="paragraph-8">"At best, we have a two-year spending freeze that's full of loopholes and gimmicks," Representative Chip Roy, a prominent member of the hardline House Freedom Caucus, said, as per the report.</p> <p>In the US Senate, both Democrat and Republican leaders said they hoped to move to enact the legislation before the weekend. However, a potential delay over amendment votes could complicate the situation considering the Monday deadline.&nbsp;Senate debate and voting could take longer if any one of the 100 senators tries to slow the passage of the key bill.</p>

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