The legislation, negotiated by President Biden and Speaker McCarthy, aims to avoid a debt default while making fiscal compromises.
The debt ceiling bill, negotiated between President Joe Biden and Speaker Kevin McCarthy, passed the House on Wednesday with bipartisan support, clearing the way for it to move to the Senate just days before the U.S. faced a potentially catastrophic default. The final vote was 314 to 117, with 149 Republicans and 165 Democrats backing the bill, while a significant portion of both parties opposed it.
The bill would extend the debt ceiling for two years, coupled with a two-year budget agreement. While it managed to break a long-standing deadlock between the parties, the legislation still faced sharp criticism. GOP hard-liners felt that the bill did not do enough to address fiscal concerns, while Democrats opposed provisions like increased work requirements and cuts to non-defense spending.
McCarthy defended the bill, claiming it would prevent new government spending and tax increases, which he argued would benefit the American people. “You’re not spending more money. There’s no new government programs. There’s no tax increases,” McCarthy said, urging fellow Republicans to support it.
President Biden praised the passage, calling the bill a compromise between the parties. “Neither side got everything it wanted. That’s the responsibility of governing,” Biden said in a statement after the vote.
Now, the bill heads to the Senate, where it requires 60 votes to pass before it can be sent to President Biden for signing. Both Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell have expressed their support for the bill and urged swift passage.
