Washington D.C. – The House of Representatives has passed a debt limit deal after a last-minute scramble to avert default, with the bill now shifting focus to the Senate for approval.
House Speaker, Nancy Pelosi, announced the passage of the debt-ceiling bill, saying, “We must ensure the full faith and credit of the United States Government is preserved, and this legislation will do that.”
The bill would allow the government to continue to borrow money to pay its bills and avoid defaulting on its loans. The agreement is to raise the debt ceiling by $480 billion, enough to maintain the government’s current spending levels through December 2022.
However, not everyone is pleased with the outcome. The Philadelphia Inquirer published an editorial calling the debt ceiling deal a “hollow victory,” stating that it demonstrates a lack of political leadership and a disregard for the long-term consequences of spiraling national debt.
Meanwhile, MSNBC reported on what’s inside the Biden-McCarthy plan, giving a comprehensive account of the details of the debt ceiling deal.
In addition, CNN offered an opinion piece on the biggest lesson from the debt ceiling fight, stating that political brinkmanship must end to ensure the stability of the nation’s economy.
As the Senate prepares to vote on the bill, all eyes will be on Congress to ensure that the government’s financial solvency remains intact.