{"id":60201,"date":"2023-06-01T00:00:00","date_gmt":"2023-06-01T00:00:00","guid":{"rendered":"http:\/\/dailysouthafrica.com\/?guid=c2030e44b1f9c2e8c678588005212658"},"modified":"2023-06-01T00:00:00","modified_gmt":"2023-06-01T00:00:00","slug":"us-house-passes-debt-ceiling-bill-averting-crisis","status":"publish","type":"post","link":"https:\/\/dailysouthafrica.com\/us-house-passes-debt-ceiling-bill-averting-crisis\/","title":{"rendered":"US House passes debt ceiling bill, averting crisis"},"content":{"rendered":"
The US House of Representatives passed a bill on Wednesday to avert a catastrophic default on the nation’s debt before a June 5 deadline.<\/p>\n
The Republican-controlled House voted 314-117, sending the bill to the Senate.<\/p>\n
In the final vote,165 Democrats and 149 Republicans backed the bill negotiated by House Speaker Kevin McCarthy and President Joe Biden.<\/p>\n
The bill, which suspends the $31.4 trillion cap on the federal government’s borrowing limit through January 2025, needs to be passed by the Senate before Biden signs it into law.<\/p>\n
The debt limit was hit in January, but the Treasury Department has taken steps to ensure that the US continues to pay its bills.<\/p>\n
‘Tonight, the House took a critical step forward to prevent a first-ever default and protect our country’s hard-earned and historic economic recovery,’ Biden said in a statement after the vote.<\/p>\n
‘This budget agreement is a bipartisan compromise. Neither side got everything it wanted.’<\/p>\n
He thanked Speaker McCarthy and his team for negotiating in ‘good faith.’<\/p>\n
Biden urged the Senate to pass the bill as quickly as possible so that he can sign it into law.<\/p>\n<\/p>\n
Source: Somali National News Agency<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
The US House of Representatives passed a bill on Wednesday to avert a catastrophic default on the nation’s debt before a June 5 deadline.The Republican-controlled House voted 314-117, sending the bill to the Senate.In the final vote,165 Democrats and …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"yoast_head":"\n