Legislation to suspend US debt limit advances to full House of Representatives
Business
Default would trigger economic chaos in the United States and global economies
WASHINGTON (Reuters) - Legislation brokered by President Joe Biden and House Speaker Kevin McCarthy to lift the $31.4 trillion U.S. debt ceiling and achieve new federal spending cuts passed an important hurdle, advancing to the full House of Representatives for debate and an expected vote on passage today.
The House Rules Committee, voted 7-6 to approve the rules allowing debate by the full chamber. Two committee Republicans, Representatives Chip Roy and Ralph Norman, bucked their leadership by opposing the bill.
Their opposition underscored the need for Democrats to help pass the measure in the House, which is controlled by Republicans with a narrow 222-213 majority.
House passage would send the bill to the Senate. The measure needs congressional approval before June 5, when the Treasury Department could run out of funds to pay its debts for the first time in U.S. history.
If the Treasury Department cannot pay its debts, it could trigger economic chaos in the United States and global economies.
