US Debt Ceiling 2023 LIVE News | Investors Relieved After US House Votes To Suspend Debt Ceiling
The US House of Representatives voted overwhelmingly on Wednesday to pass a bill to suspend the nation’s debt limit through January 1, 2025, as lawmakers race to prevent a catastrophic default.
The bill will next need to be passed by the Senate before it can be sent to President Joe Biden to be signed into law. In the Senate, any one lawmaker can delay a swift vote and it is not yet clear when a final vote will take place.
The timeframe to pass the bill through Congress is extremely tight and there is little room for error, putting enormous pressure on leadership in both parties.
Lawmakers are racing the clock to avert a first-ever default ahead of June 5, the date the Treasury Department has said it will no longer be able to pay all of the nation’s obligations in full and on time, a scenario that could trigger global economic catastrophe.
The debt limit bill faced backlash from the far right and the far left, but in the end it passed the House by a wide margin with significant bipartisan support.
The final tally for the vote was 314 to 117. There were 149 Republicans and 165 Democrats who voted for the bill and 71 Republicans and 46 Democrats who voted against it.
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