The US House of Representatives approved the bill to suspend the debt ceiling until January 1, 2025, in a crucial vote on Thursday.
In total, 149 Republican representatives and 165 Democratic representatives cast their votes in favor of the bill. However, 71 Republican representatives and 46 Democratic representatives opposed it.
This significant step in the legislative process is only the beginning. The bill now requires approval from the Senate before President Joe Biden can sign it into law. The exact timeline for when the Senate will vote remains unclear at this time.
Following the House of Representatives’ approval of the bill, President Biden praised the House’s decision and urged the Senate to “pass it as soon as possible.”
In a statement released moments after the House vote, the US President said, “Tonight, the House of Representatives took a decisive step forward to prevent the first default on our payments and protect the historic economic recovery that has been painstakingly achieved for our country.”
Biden added that the bill is a bipartisan compromise and noted that neither side achieved everything they wanted. “This is the responsibility of governance,” he stated.
In conclusion, Biden encouraged the Senate to pass the bill as swiftly as possible. “So that I can sign it into law and our country can continue to build the strongest economy in the world,” he affirmed.