House Passes Debt Ceiling Deal, Suspending Debt until 2024 and Reducing Government Spending in 2025
The US House of Representatives passed a debt ceiling deal on October 2, 2022, that suspends the debt ceiling through 2024 and slightly reduces government spending in 2025.
The vote was 314-117 and was the result of negotiations between President Joe Biden and Congressional leaders.
The bill was praised by Biden as a "critical step" to protecting the country's post-pandemic economic recovery, achieved through "bipartisan compromise." The Republican Speaker of the House, Kevin McCarthy, also supported the measure, calling it a "responsible step" for the country's future.
The Democratic leader of the Senate, Chuck Schumer, warned that failing to raise the debt ceiling could lead to another recession and cause millions of job losses.
The bill now moves to the Senate for consideration.
The US government has reached a deal to avert a partial government shutdown and raise the debt ceiling, which would allow the government to borrow money to pay its bills.
House Republican leader Kevin McCarthy secured the support of two-thirds of his caucus for the deal, which will be presented to the full House for a vote.
The deal will also need to pass the Senate, where party leaders are urging their members to cooperate on a quick vote.
Some Democrats and defense hawks have expressed concern about certain aspects of the deal, including a cap on defense spending and cuts to key federal programs.
The agreement was negotiated by McCarthy, Senate Majority Leader Mitch McConnell, and President Joe Biden.
The bill was praised by Biden as a "critical step" to protecting the country's post-pandemic economic recovery, achieved through "bipartisan compromise." The Republican Speaker of the House, Kevin McCarthy, also supported the measure, calling it a "responsible step" for the country's future.
The Democratic leader of the Senate, Chuck Schumer, warned that failing to raise the debt ceiling could lead to another recession and cause millions of job losses.
The bill now moves to the Senate for consideration.
The US government has reached a deal to avert a partial government shutdown and raise the debt ceiling, which would allow the government to borrow money to pay its bills.
House Republican leader Kevin McCarthy secured the support of two-thirds of his caucus for the deal, which will be presented to the full House for a vote.
The deal will also need to pass the Senate, where party leaders are urging their members to cooperate on a quick vote.
Some Democrats and defense hawks have expressed concern about certain aspects of the deal, including a cap on defense spending and cuts to key federal programs.
The agreement was negotiated by McCarthy, Senate Majority Leader Mitch McConnell, and President Joe Biden.
