US Congress approves debt ceiling deal and votes to raise | economy

US Congress approves debt ceiling deal and votes to raise |  economy

A majority of the US House of Representatives has voted to raise the government’s debt ceiling. The recently concluded agreement was approved by the US Congress.

Without congressional approval, the United States was in danger of quickly running out of money. That would have created a huge mess in the financial markets.

There was still some opposition to the deal, particularly among conservatives within the Republican Party, who believed the government would have to make further cuts. Some progressive Democrats voted against, unhappy with work requirements for participants in the federal food assistance program. In the end, against 314 voters, 117 were opposed.

Democratic President Joe Biden and Republican House Speaker Kevin McCarthy reached an agreement on the debt ceiling on Saturday. As of January 1, 2025, the state’s federal debt burden could rise above the $31.4 trillion previously set, it said.

The deal now goes to the Senate for approval. Democrats are in the majority there.

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