![]() ![]() ![]() "Tonight, the House took a critical step forward to prevent a first-ever default and protect our country’s hard-earned and historic economic recovery," Biden said in a statement after the vote, urging the Senate to pass the bill as quickly as possible. More: Debt ceiling deal passes House and stock futures take milestone in strideīiden: House took 'critical step forward' to avert defaultīiden, who departed Wednesday afternoon on Air Force One for Colorado Springs, Colo., told reporters beforehand that “God willing” the House will have approved the deal by the time he lands. Billions of dollars in recently approved funding for the IRS to improve customer service and go after tax cheats would be redirected to other areas. About $30 billion in unspent coronavirus relief money would be rescinded. It would also keep nondefense spending discretionary spending – which does not include Social Security and Medicare – roughly flat for 2024 and raise it by 1% in 2025. The legislation would suspend the limit on how much the federal government can borrow until Jan. Seventy-one Republicans voted against the bill, compared to 46 Democrats. More Democratic House members, 165, voted for the bill than Republicans, 149, despite the deal being negotiated by McCarthy. "I'll be honest, tonight's bill doesn't stop it, but for the first time, we begin to turn the ship." "Washington's spending addiction is both irresponsible and just wrong," McCarthy said in a floor speech before the vote. The outcome marks a major win for McCarthy, who overcame discontent from the right flank of his party and squeezed spending concessions out of the White House after Biden initially refused to negotiate. Congress needs to send an agreement to Biden’s desk before Monday, June 5 or the government won’t be able to pay bills coming due, Treasury Secretary Janet Yellen has warned. The bill now heads to the Senate, where Majority Leader Chuck Schumer wants a vote Friday. The "Fiscal Responsibility Act" passed by a wide 314-117 vote-margin, with strong majorities from both parties pushing the legislation past opposition from liberal Democrats and hardline conservative Republicans. WASHINGTON − The House on Wednesday voted overwhelmingly to approve an agreement struck by President Joe Biden and Speaker Kevin McCarthy to suspend the nation's debt ceiling and avoid a catastrophic default on the nation’s debt with a package that also includes spending cuts pushed by Republicans. Watch Video: House Republicans say debt ceiling bill 'is a product of compromise' ![]()
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