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House Passes Debt-Limit Bill to Avert US Default
Posted
June 1, 2023
Views
6,309
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June 1, 2023
6,309
152
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2.79%
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0:15Now PlayingThe House passed debt-limit legislation forged by President Joe Biden and Speaker Kevin McCarthy that would impose restraints on government spending through the 2024 election and avert a destabilizing US default.
Lawmakers from both parties joined to approve the bill 314-117 Wednesday evening, sending the measure to the Senate for consideration as a default deadline draws near. The vote cements Biden’s reputation for pragmatism and working across party lines as he seeks a second term and allows McCarthy to claim success in his first major test as Speaker.
The outcome also marked a rare moment of bipartisan accord in a bitterly divided Washington.
Investors already largely judged the danger of a US default past and are shifting attention to other uncertainties more likely to influence growth, such as another possible Federal Reserve interest-rate increase and signs of a weakening Chinese economy.
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