U.S. House Passes Debt Ceiling Bill | #debtceiling #governmentshutdown #default #economy #politics

 The U.S. House of Representatives passed a bill on Tuesday to raise the debt ceiling, avoiding a potential government shutdown and default on U.S. debt. The bill passed by a vote of 314-117, with 149 Republicans and 165 Democrats voting in favor.

The vote came after weeks of negotiations between President Joe Biden and congressional leaders. The deal includes a temporary increase in the debt ceiling of $480 billion, which will allow the government to borrow money until December 31.

The passage of the bill is a major victory for Biden and Democrats, who had been facing intense pressure from Republicans to raise the debt ceiling without any conditions. Republicans had argued that Democrats should not be allowed to raise the debt ceiling without addressing other issues, such as the size of the federal government.

The passage of the bill also avoids a potential default on U.S. debt, which would have had a devastating impact on the economy. A default would have led to higher interest rates, a decline in the stock market, and a loss of confidence in the U.S. government.

The vote in the House is a positive development, but the debt ceiling issue is not over. The debt ceiling will need to be raised again before December 31, and it is unclear whether Democrats and Republicans will be able to reach a deal on a long-term solution.