Overview

• The House passed a bill to suspend the debt ceiling and fund the government, but the Senate still needs to approve it before the default deadline.
• The bill aims to avert an unprecedented US default by suspending the debt limit until 2025.
• While the House approved the compromise legislation, the Senate vote is unclear, and any single senator can delay it.
• The bill includes spending caps, food stamp expansions, and taking back some COVID relief funds.
• Investors are relieved the House passed the bill but are closely watching the Senate to see if it can pass the measure in time and send it to the president.