The US House of Representatives has approved the debt ceiling bill with a vote of 314-117, sending it to the Senate for further consideration. The bill was proposed by Speaker of the House Kevin McCarthy and President Joe Biden, and is intended to suspend the current $31.4 trillion debt ceiling until January 2025.
The legislation would also keep nondefense spending at its current level, while allowing for increases in defense spending. The bill was met with strong resistance from far-right Republican lawmakers, but ultimately passed with an overwhelming majority.
The measure now moves on to the Senate, where it is expected to face further debate before being voted on. If passed by the Senate, it would be sent back to the House for final approval before becoming law.
This vote marks a major victory for McCarthy and Biden as they seek to avoid a potential default on US debt payments. It also comes amid rising tensions between Democrats and Republicans over fiscal policies.