The US House of Representatives votes to raise the debt ceiling world

The US Capitol Dome by placing flags on the National Park in Washington on January 20, 2021 – Photo: Julio Cortez/AP

A divided US House of Representatives passed a bill to raise the $31.4 trillion debt ceiling on Wednesday, with the support of most Democrats and some Republicans.

The Republican-controlled House of Representatives voted 314-117 to send the legislation to the Senate, which is expected to enact the measure and deliver it to President Joe Biden before Monday’s deadline (5), when the federal government is expected to run out of power. money to pay your bills.

Biden hopes the bill will be on his desk in time to avoid a default that could cripple the US economy and destabilize global financial markets.

“This agreement is good news for the American people and the American economy,” Biden said in a statement issued by the White House.

The measure, an agreement between Biden and House Speaker Kevin McCarthy, was opposed by 71 Radical Republicans. Normally that would be enough to block partisan legislation, but 165 Democrats supported and passed the measure.

Republicans control the House of Representatives by a slim majority, 222-213.

The legislation suspends — in essence, temporarily removes — the federal government’s borrowing limit through January 1, 2025. The timetable allows Biden and Congress to put the politically risky issue on hold until after the November 2024 presidential election.

It also reduces some government spending over the next two years, speeds up the licensing process for some energy projects, restores unspent pandemic funds, and expands work requirements for food aid programs to additional beneficiaries.