House passes debt ceiling deal after compromise between Biden, McCarthy; Senate expected to vote Friday
- The House of Representatives passed legislation to raise the debt ceiling, averting default, after negotiations between President Biden and Speaker McCarthy.
- The bill, which now moves to the Senate, raises the debt limit through 2025, imposes spending caps, and ends the student loan repayment pause in August.
- The fragile agreement satisfied few but prevented economic catastrophe, though future showdowns are expected.
- The Senate plans to vote on the measure Friday, with leaders vowing to pass it before the Monday default deadline despite requests for changes.
- Biden has pledged to veto Republican legislation undoing his student debt relief plan, which faces a Supreme Court ruling.
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