“House to Vote on Biden-McCarthy Debt Ceiling Bill Days Before Default Deadline”

House Passes Biden-McCarthy Debt Ceiling Bill Days Before Deadline for Default

In a race against time, the House of Representatives voted on Thursday to pass the Biden-McCarthy debt ceiling bill, just days before the deadline for a potential default on the national debt. The bill passed in a 219-206 vote, with all Democrats voting in favor and all Republicans voting against.

The bill now heads to the Senate, where it will face an uncertain future. Democrats hold a narrow majority in the Senate, but they will need at least 10 Republicans to vote in favor of the bill in order to overcome a filibuster and pass it into law.

The debt ceiling, which limits the amount of money the government can borrow, has been a contentious issue in Washington for years. The current limit of $28.4 trillion was reached in July, and since then, the Treasury Department has been taking emergency measures to continue to fund the government.

Failure to raise the debt ceiling could have catastrophic consequences for the economy, potentially causing a recession and increasing unemployment. It could also damage the country’s credit rating and make it more expensive for the government to borrow money in the future.

The Biden-McCarthy bill would suspend the debt ceiling until December 2022, allowing the government to continue borrowing and funding its operations. It also includes a provision to prevent a government shutdown, ensuring that essential services continue even if Congress fails to pass a spending bill by the end of the fiscal year.

The bill faced opposition from Republicans, who argued that it would add trillions of dollars to the national debt and called for spending cuts and fiscal discipline instead. Democrats countered that the bill was necessary to prevent a catastrophic default and that it was crucial to continue funding essential government programs.

The fate of the bill now rests in the hands of the Senate, where Democrats will need to persuade at least 10 Republicans to join them in voting in favor. The stakes are high, as failure to pass the bill could have dire consequences for the economy and for the country as a whole.