The United States House of Representatives passed a debt ceiling bill on May 31, 2023. The bill, which now progresses to the Senate, caused Treasury yields to climb. The Senate must now approve the bill before it becomes law.

The bill’s passage was celebrated as a victory by some, but others criticized the deal as a hollow victory. An editorial in The Philadelphia Inquirer called the bill a “hollow victory,” citing concerns about rising debt and the lack of significant policy changes.

The Biden-McCarthy plan, which was included in the bill, has garnered attention. MSNBC provided a breakdown of what is included in the plan, highlighting provisions related to infrastructure and tax reform.

However, not everyone is on board with the plan. The Wall Street Journal published an opinion piece criticizing the plan and highlighting its potential negative consequences.

Ultimately, the fate of the debt ceiling bill will be decided by the Senate. Until then, the nation will have to wait and see what happens next.