US House Passes Biden-McCarthy Debt Ceiling Deal, Sending Bill To Senate
Muhammad Irfan Published June 01, 2023 | 06:30 AM
WASHINGTON (UrduPoint News / Sputnik - 01st June, 2023) The US House of Representatives passed a deal negotiated by President Joe Biden and House Speaker Kevin McCarthy to raise the United States' debt ceiling ahead of a default deadline of June 5, sending the bill to the Senate for consideration.
House lawmakers passed the legislation, dubbed the Fiscal Responsibility Act, on Wednesday in a vote of 314-117.
The bill will now head to the Senate, where it has the backing of both Majority Leader Chuck Schumer and Minority Leader Mitch McConnell.
The deal negotiated by Biden and McCarthy would raise the US debt ceiling for two years in exchange for limited fiscal reforms, such as reclaiming unspent COVID recovery funds and rescinding some Internal Revenue Service funding.
Recent Stories
Expanded, rebranded National Women's One-Day tournament to start tomorrow
1 hour ago
President, Saudi FM discuss challenges being faced by Muslim Ummah
3 hours ago
Bushra Ansari ties knot with Iqbal Hussain
4 hours ago
Shaheen likely to miss initial two matches of Pak Vs NZ T20I series
4 hours ago
LHC suspends PML-N Rana Arshad’s victory notification from PP-133
5 hours ago
Faizabad Dharna Commission exonerates former Spy Chief Faiz Hameed
6 hours ago
Pakistan calls for enhanced information integrity on digital platforms
7 hours ago
Pakistan starts discussion with IMF about new loan agreement: Finance Minister
7 hours ago
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 16 April 2024
9 hours ago
Today Gold Rate in Pakistan 16 April 2024
9 hours ago
Govt hikes petrol price by Rs4.53 per litre for next fortnight
18 hours ago
British Investment Group, One Homes, Expected to launch second development at Ce ..
21 hours ago