US House passes bill to prevent government default

US House Speaker Kevin McCarthy after the vote on May 31

The Republican-controlled House of Representatives passed the bill by a vote of 314-117, Reuters reported. The bill now goes to the Senate, which must pass it and send it to President Joe Biden for his signature before June 5, when the federal government is expected to run out of money to pay its bills.

"This deal is good news for the American people and the American economy . I urge the Senate to pass it as quickly as possible so I can sign it into law," President Biden said after the vote.

The bill, a compromise between Biden and House Speaker Kevin McCarthy, faced opposition from 71 House Republicans. That number is usually enough to block partisan legislation, but 165 House Democrats supported the bill, far outnumbering the 149 Republicans who voted in favor.

Republicans control the US House of Representatives with a slim 222-213 majority.

The bill suspends — essentially temporarily lifts — the federal government’s borrowing limit through January 1, 2025. That timeline allows Biden and Congress to put the politically high-risk issue aside until after the November 2024 presidential election.

The bill would also limit some U.S. government spending over the next two years, speed up permitting for some energy projects, recover unused Covid-19 funds and expand work requirements for food aid programs to additional recipients.

Hardliners in the Republican Party want deeper spending cuts and stricter reforms.

In the US Senate, leaders of both parties said they hoped to pass the bill before the end of the week. But the possibility of delaying votes on some amendments proposed by Republicans could complicate matters.

"We can't bring anything back to the House, it's that simple. We have to prevent a default," Senate Majority Leader Chuck Schumer told reporters on May 31, implying that he would not accept the proposed amendments.

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