U.S. House Speaker Kevin McCarthy (R-CA) speaks during a press conference accompanied by House Majority Leader Steve Scalise (R-LA) and U.S. Rep. Elise Stefanik (R-NY) after the House approved the debt ceiling deal he negotiated with the White House to end their standoff and avoid a historic default, at the U.S. Capitol in Washington, U.S. May 31, 2023. REUTERS/Jonathan Ernst TPX IMAGES OF THE DAY (Photo: Reuters)
The U.S. House of Representatives on Thursday approved a bill that would raise the nation's debt ceiling, days before the world's largest economy defaults. The agreement was finalized in lengthy talks between Democratic President Joe Biden and Republican House Speaker Kevin McCarthy, and it ultimately passed by a large majority.
The Senate must now approve the bill by June 5, when the United States could default on its $31.4 trillion debt. A U.S. insolvency would have far-reaching consequences for the world economy.
The bill's passage passed with rare bipartisan support in Washington. 165 Democratic lawmakers joined 149 Republican lawmakers in approving the 99-page bill carefully drafted by both sides.
Biden, whose economic situation will have a significant impact on his chances of re-election next November, thanked the House speaker and said he negotiated in good faith. "Neither side got everything it wanted," the president said. "That's the responsibility of a government."
The legislation succeeded in passing thanks to the mobilization of the main camps in both parties, which saw opposition from their more radical members of Congress. In the end, more Democrats voted in favor of the legislation and those who opposed it noted it with frustration.
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