The US House of Representatives passed a bill to raise the debt ceiling, this will allow the country to avoid default. The current debt ceiling of $31.4 trillion was exceeded in January.
The bill was supported by 314 members of the House, 117 voted against. “I urge the Senate to pass it as soon as possible so that I can sign it into law and our country can continue to build the strongest economy in the world,” US President Joe Biden tweeted .
The Senate now has four days to pass the bill and submit it to the president for his signature as the federal government is expected to run out of money to pay the bills on June 5.
According to the bill, the public debt will be unlimited until January 1, 2025. Thus, further decisions on the issue of public debt will be postponed until after the next presidential elections, which will be held in November 2024. The document will limit some government spending for the next two years, will speed up the process of issuing permits for certain energy projects and return unspent funds allocated to combat the Covid-19 pandemic to the budget, and will also expand requirements for food aid programs.
A group of Republicans who did not support the bill demanded more significant spending cuts.