A crunch deal to raise the US debt ceiling has been voted through by the House of Representatives.<\/p>\n\n\n\n
The agreement – which aims to avert a potentially catastrophic scenario where the US defaults on its national debts – passed through the Republican-majority House by 314 to 117 votes.<\/p>\n\n\n\n
The proposal will now move to the Senate. The Senate’s majority leader, Chuck Schumer, has vowed to move quickly to pass the bill.<\/p>\n\n\n\n
It needs to be on President Joe Biden’s desk by Monday’s deadline – the point at which the US federal government is expected to run out of money to pay its bills.<\/p>\n\n\n\n
“This agreement is good news for the American people and the American economy,” <\/p>\n\n\n\n
Mr Biden said after the vote.<\/p>\n\n\n\n
“I urge the Senate to pass it as quickly as possible so that I can sign it into law.”<\/p>\n\n\n\n
What is the debt limit – and why does it matter?<\/p>\n\n\n\n
The main aim of the deal is to increase the US debt limit from $31.4trn – which it achieves by suspending the borrowing limit until January 2025 rather than setting a new level.<\/p>\n\n\n\n
It also averts a situation where the US defaults on its national debts – a scenario that would have huge impacts both for the US and the wider world economy.<\/p>\n\n\n\n
US Treasury secretary Janet Yellen previously warned that without a deal to suspend the debt ceiling, the US would not have enough money to meet all of its financial obligations by 5 June.<\/p>\n\n\n\n
That would mean civil servant wages, social welfare payments, and health insurance would go unpaid.<\/p>\n","protected":false},"excerpt":{"rendered":"
A crunch deal to raise the US debt ceiling has been voted through by the House of Representatives. The agreement – which aims to avert a potentially catastrophic scenario where the US defaults on its national debts – passed through the Republican-majority House by 314 to 117 votes. The proposal will now move to the […]<\/p>\n","protected":false},"author":1,"featured_media":6911,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[220],"tags":[2726,193,1276,2688],"class_list":["post-6910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-house-of-representatives","tag-news","tag-us","tag-us-debt-ceiling"],"_links":{"self":[{"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=\/wp\/v2\/posts\/6910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6910"}],"version-history":[{"count":1,"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=\/wp\/v2\/posts\/6910\/revisions"}],"predecessor-version":[{"id":6912,"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=\/wp\/v2\/posts\/6910\/revisions\/6912"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=\/wp\/v2\/media\/6911"}],"wp:attachment":[{"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/miaminewsnetwork.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}