TechFlow news — The U.S. House of Representatives voted to pass the debt ceiling bill. Facilitated by President Biden and House Speaker McCarthy, the bill aims to raise the $31.4 trillion U.S. debt ceiling and cut federal spending.
On the evening of the 30th, the House Rules Committee approved the bill for full-floor debate by a 7-to-6 vote. After passage in the House, the bill will be sent to the Senate for voting, which is expected to conclude by June 5.
Prior to this, the U.S. Treasury had warned that without congressional action, the United States could default as early as June 5. In response, the White House stated that President Biden welcomes the House's passage of the debt ceiling bill.
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