US House votes to raise debt ceiling | the world

The US Capitol Dome is seen from the installation of flags during the National Parade in Washington on January 20, 2021 — Photo: Julio Cortez/AP

A divided U.S. House of Representatives on Wednesday passed a bill to raise the $31.4 trillion debt ceiling with support from most Democrats and some Republicans.

The Republican-controlled House voted 314-117 to send the legislation to the Senate, which is expected to pass the law before a deadline on Monday (5), when the federal government is expected to lose power to President Joe Biden. Cash to pay your bills.

Biden hopes to have a bill on his desk in time to avoid a default that could cripple the U.S. economy and roil global financial markets.

“This deal is good news for the American people and the American economy,” Biden said in a White House statement.

The deal between Biden and House Speaker Kevin McCarthy drew opposition from 71 hard-line Republicans. That would normally be enough to block partisan legislation, but 165 Democrats supported the measure and it passed.

Republicans control the House with a narrow majority of 222 to 213.

The law suspends — in essence, temporarily eliminates — the federal government’s debt ceiling until Jan. 1, 2025. The timeline allows Biden and Congress to put the politically dangerous issue on hold until after the November 2024 presidential election.

It curbs some government spending over the next two years, speeds up the licensing process for some energy projects, restores unspent pandemic funds and expands work requirements for food assistance programs to additional recipients.