House Passes Bill to Raise Debt Limit

“House lawmakers overwhelmingly agreed on Wednesday to suspend the nation’s debt ceiling for two years, heading off an economically devastating default,” the New York Times reports.

“After a revolt by far-right Republicans threatened to scuttle consideration of the bill, a bipartisan coalition lined up in large numbers to support the compromise negotiated by President Biden and Speaker Kevin McCarthy and pull the nation back from the brink of economic catastrophe.”

“The 314-117 vote came days before the nation was projected to exhaust its borrowing power, and after a marathon set of talks between White House negotiators and top House Republicans.”