US House of Representatives passes bill to raise debt ceiling

A bill to raise the US debt ceiling was passed by a majority of Congressmen in the House of Representatives. The voting is broadcast by the TV channel c-span. 314 congressmen voted for the bill. Against – 117. “The bill has been approved,” said the chairman of the hearings.

The bill must then be approved by the Senate. If approved by the Senate, it will go to US President Joe Biden for signature. Mr. Biden previously called on both houses of Congress to support the bill.

On May 29, US President Joe Biden and Speaker of the House of Representatives Kevin McCarthy announced that they had reached a final agreement to raise the national debt ceiling. The public debt limit will be raised until January 1, 2025 in exchange for budget cuts.

At the same time, the White House claims that the increase in the debt ceiling will not affect Washington’s financial assistance to Ukraine. According to experts, the debt ceiling will not greatly affect the US economy – non-defense spending will remain at the same level in the next two years.

For more on this, see Borrow More, Spend Less.

Anastasia Larina