US House of Representatives Votes to Raise Debt Ceiling, Averting Economic Crisis

In the United States, the House of Representatives has finally voted in favor of raising the debt ceiling. This vote took place on Wednesday, May 31, after months of deadlock. The prospect of a default, which would jeopardize the US economy, is gradually fading away.

After months of deadlock between the US government and Republicans, the House of Representatives has finally passed a law to temporarily suspend the national debt ceiling until January 1, 2025

The US government and Republicans have been at odds for months over raising the debt ceiling. The government needed the approval of the Republicans, who hold the majority in the House of Representatives since the last elections, to raise the ceiling.

After long days of negotiations, Joe Biden and Kevin McCarthy, the Republican leader of the House of Representatives, reached a “principle agreement” last weekend. Republicans allowed the executive branch to raise the debt ceiling, which was set at $31.4 trillion, for two years until the 2024 elections. In return, the US government agreed to limit some public spending, but not to the extent demanded by the Republicans.

Kevin McCarthy, during a press conference after the bill was passed, stated that the vote “put the American citizen first” by achieving “what no previous term had succeeded in doing so far,” namely reducing federal spending.

It is worth noting that the vote received 314 votes in favor and 117 against. This bill still needs to be adopted by the Senate and then be submitted to President Joe Biden’s desk for enactment.

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