House Passes Bipartisan Bill to Suspend Debt Ceiling Following Weeks of Negotiations
- The House approved a bill to raise the nation's debt ceiling while cutting some government spending over the next two years.
- The bill staves off another debt limit fight until after the 2024 election and includes changes to work requirements for SNAP recipients and regulatory changes for energy projects.
- The bill faces a precarious path ahead in the Senate, with lawmakers threatening to withhold unanimous consent if they are not allowed to propose amendments.
- The deal, brokered between President Joe Biden and House Speaker Kevin McCarthy, would raise the country's $31.4 trillion borrowing limit until January 2025 while setting a broad government budget over the next two years and making some policy changes.
- The House passed the 99-page Fiscal Responsibility Act with a 314-117 vote, preventing an economic meltdown for now.
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