The House passed a bill Wednesday night to suspend the debt limit past the 2024 elections, sending to the Senate a bipartisan package designed to avert a financial crisis when borrowing authority runs out next week.
On a bipartisan 314-117 vote, the House endorsed legislation negotiated by Speaker Kevin McCarthy and President Joe Biden that would couple debt limit relief with caps on discretionary spending that Republicans said would serve as a down payment on deficit reduction efforts.
The bill won support from majorities of both parties, though more Democrats voted for it than Republicans. Republicans voted 149-71 for the bill, while Democrats voted 165-46.
