U.S. House Passes Debt Limit Deal; Senate Up Next

The U.S. House of Representatives voted late Wednesday to pass a debt limit deal brokered by the White House and Speaker Kevin McCarthy, R-Calif.

The vote was 314-117 in favor, with dozens of Republicans and some Democrats voting against.

The measure, if approved by the Senate and signed by President Joe Biden, would suspend the nation’s debt limit until Jan. 1, 2025, after the 2024 presidential election; cap non-defense spending but also limit defense spending increases; and expand work requirements for some of those receiving food stamps, among other things.

With the bill now heading to the Senate, it still faces a tough vote as lawmakers on both sides of the aisle have already expressed hesitation or outright disapproval.

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