Bill passed to increase US national debt limit

A bill to raise the US national debt ceiling has passed the lower house of Congress. It will now go to the upper house, the Senate, for approval. It will later be signed into law by President Joe Biden.

Voting on the bill began around 9pm local time on Wednesday. In a vote between Democrats and Republicans, 314 voted in favor of the bill to raise the debt limit. 117 people voted against. News – CNN and BBC.

Earlier, the House of Representatives debated the bill for an hour. Leaders of Democrats and Republicans gave speeches. Then the voting started.

Meanwhile, as the bill was passed, relief returned to the market. Because the concern was that the federal government would not be able to borrow unless the national debt limit was raised. This will empty the country’s treasury. As a result, there was a risk of the country going into default at the beginning of June.

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