U.S. House Okays Debt Ceiling With Democratic Support

The House voted Wednesday night to approve a bill that would raise the debt ceiling for more than two years, giving the Senate just days to do the same before the US potentially runs out of money to pay its bills, Jennifer Schonberger and Dan Fitzpatrick reported for Yahoo Finance.

Photo Insert: The vote was 314-117, with more Democrats than Republicans offering their approval. There were 71 Republicans opposed and 46 Democrats who voted against it.

The vote was 314-117, with more Democrats than Republicans offering their approval. There were 71 Republicans opposed and 46 Democrats who voted against it. “Every great nation that overextends itself has collapsed,” House Speaker Kevin McCarthy said in a speech before the votes were counted Wednesday night.

Earlier, Mike Lillis reported for The Hill that emergency assistance from Democrats led to the House approving the rule covering the bill in a 241-187 vote just days before the June 5 deadline, National Public Radio (NPR) also reported.

After the House vote, the 99-page bill moves to the Senate, Majority Leader Chuck Schumer (D-N.Y.) is fighting to pass it before the week’s end.

CNN, Reuters and Associated Press (AP) reported that the approval appears to be a done deal as Republican leader Sen. McConnell urged his partymates to approve the measure despite threats of a revolt.

The debt limit bill — titled the Fiscal Accountability Act — came together after more than a week of high-stakes negotiations between emissaries tapped by President Joe Biden and Speaker Kevin McCarthy. The legislation, which stretches 99 pages, suspends the debt limit until Jan. 1, 2025.

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