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| Debt ceiling deal: US House overwhelmingly passes bill | Debt ceiling deal: US House overwhelmingly passes bill |
| (32 minutes later) | |
| US House Speaker Kevin McCarthy celebrated the bill's passage | |
| The House of Representatives has approved a deal to allow the US to borrow more money, days before the world's biggest economy is due to start defaulting on its national debt. | The House of Representatives has approved a deal to allow the US to borrow more money, days before the world's biggest economy is due to start defaulting on its national debt. |
| The measure passed the chamber by a vote of 314-117, with defections on both sides of the aisle. | The measure passed the chamber by a vote of 314-117, with defections on both sides of the aisle. |
| The US Senate must vote on the bill later this week before President Joe Biden can sign it into law. | The US Senate must vote on the bill later this week before President Joe Biden can sign it into law. |
| The government is forecast to hit its borrowing limit on Monday 5 June. | The government is forecast to hit its borrowing limit on Monday 5 June. |
| That has left little margin for error as lawmakers race to avoid the US defaulting on $31.4tn (£25tn) in debt, which underpins the global financial system. | That has left little margin for error as lawmakers race to avoid the US defaulting on $31.4tn (£25tn) in debt, which underpins the global financial system. |
| What's in US debt ceiling deal and who won? | What's in US debt ceiling deal and who won? |
| A simple guide to the US debt ceiling | A simple guide to the US debt ceiling |
| On Wednesday evening, 165 Democrats joined 149 Republicans in approving the 99-page bill to raise the debt ceiling, allowing it to pass the House by the required simple majority. | On Wednesday evening, 165 Democrats joined 149 Republicans in approving the 99-page bill to raise the debt ceiling, allowing it to pass the House by the required simple majority. |
| With Republicans in control of the lower chamber of Congress and Democrats holding sway in the upper chamber and White House, a deal had proven elusive for weeks until President Biden and House Speaker Kevin McCarthy inked a bipartisan compromise over the weekend. | With Republicans in control of the lower chamber of Congress and Democrats holding sway in the upper chamber and White House, a deal had proven elusive for weeks until President Biden and House Speaker Kevin McCarthy inked a bipartisan compromise over the weekend. |
| A triumph for Speaker McCarthy | A triumph for Speaker McCarthy |
| Kevin McCarthy was able to push Joe Biden and reluctant Democrats to the negotiating table by passing a bill that raised the debt limit but included a laundry list of conservative priorities. | Kevin McCarthy was able to push Joe Biden and reluctant Democrats to the negotiating table by passing a bill that raised the debt limit but included a laundry list of conservative priorities. |
| Then he was able to hold his party together as he struck a less-ambitious deal with the president that modestly trimmed the growth in federal spending and added some new conditions on aid for low-income Americans. | Then he was able to hold his party together as he struck a less-ambitious deal with the president that modestly trimmed the growth in federal spending and added some new conditions on aid for low-income Americans. |
| That wasn't enough for the group of hard-line conservatives who railed against the speaker on Tuesday, calling the agreement a failure and warning of a "reckoning" to come if the legislation were enacted. Some hinted that they would unseat Mr McCarthy and force a new election for Speaker. | That wasn't enough for the group of hard-line conservatives who railed against the speaker on Tuesday, calling the agreement a failure and warning of a "reckoning" to come if the legislation were enacted. Some hinted that they would unseat Mr McCarthy and force a new election for Speaker. |
| But by Wednesday, even the hottest of firebrands were backing away from their rhetoric. And when it came time to vote, a majority of Republicans approved Mr McCarthy's deal. | But by Wednesday, even the hottest of firebrands were backing away from their rhetoric. And when it came time to vote, a majority of Republicans approved Mr McCarthy's deal. |
| While the hard-liners may grumble, it is clear they don't have anywhere near the level of support they would need to replace Mr McCarthy - or even any idea who to replace him with. | While the hard-liners may grumble, it is clear they don't have anywhere near the level of support they would need to replace Mr McCarthy - or even any idea who to replace him with. |
| The agreement suspends the debt ceiling until 1 January 2025. | The agreement suspends the debt ceiling until 1 January 2025. |
| The legislation would result in $1.5tn in savings over a decade, the non-partisan Congressional Budget Office said on Tuesday. | The legislation would result in $1.5tn in savings over a decade, the non-partisan Congressional Budget Office said on Tuesday. |
| But the bill's passage had been in jeopardy after lawmakers from both parties voiced opposition. | But the bill's passage had been in jeopardy after lawmakers from both parties voiced opposition. |
| Ultra-conservative Republicans complained they had secured too few concessions in exchange for raising the debt limit. | Ultra-conservative Republicans complained they had secured too few concessions in exchange for raising the debt limit. |
| Watch: The debt ceiling explained - in under 90 seconds | Watch: The debt ceiling explained - in under 90 seconds |
| Watch: The debt ceiling explained - in under 90 seconds | Watch: The debt ceiling explained - in under 90 seconds |
| Democrats objected to provisions raising work requirements for Americans on federal food aid, and restarting student loan repayments. | Democrats objected to provisions raising work requirements for Americans on federal food aid, and restarting student loan repayments. |
| Emanuel Cleaver, a Missouri Democrat, said he would vote for the bill, even though he viewed it as the "second serving of Satan's sandwiches". | Emanuel Cleaver, a Missouri Democrat, said he would vote for the bill, even though he viewed it as the "second serving of Satan's sandwiches". |
| South Carolina Republican Nancy Mace, who pledged to vote no, told the BBC her party "didn't get anything out of this". | South Carolina Republican Nancy Mace, who pledged to vote no, told the BBC her party "didn't get anything out of this". |
| Chip Roy of Texas vowed there would be a reckoning over the bill | |
| Republicans control the House by a narrow 222-213 majority, but Speaker McCarthy was able to push the bill over the line with support from political centrists on both sides of the aisle. | Republicans control the House by a narrow 222-213 majority, but Speaker McCarthy was able to push the bill over the line with support from political centrists on both sides of the aisle. |
| He framed the package as "just a small step" towards controlling the US debt. | He framed the package as "just a small step" towards controlling the US debt. |
| The bill is not yet assured of passage. It now heads to the Senate, where some combination of Democratic and Republican votes is again expected to be needed. | The bill is not yet assured of passage. It now heads to the Senate, where some combination of Democratic and Republican votes is again expected to be needed. |
| What Danes can teach the US about its debt crisis | What Danes can teach the US about its debt crisis |
| Could a US debt default unleash global chaos? | Could a US debt default unleash global chaos? |
| One conservative Republican, Mike Lee of Utah, has already threatened to use "every procedural tool" to stall consideration of the deal. | One conservative Republican, Mike Lee of Utah, has already threatened to use "every procedural tool" to stall consideration of the deal. |
| Left-wing Senator Bernie Sanders also came out against the bill on Wednesday, saying he cannot "in good conscience" support it. | Left-wing Senator Bernie Sanders also came out against the bill on Wednesday, saying he cannot "in good conscience" support it. |
| Both Democratic and Republican leaders in the Senate are working to ensure that a bill reaches Mr Biden's desk for his signature this weekend before a default can occur. | Both Democratic and Republican leaders in the Senate are working to ensure that a bill reaches Mr Biden's desk for his signature this weekend before a default can occur. |
| The last time the US came this close to overshooting its debt ceiling, in 2011, the credit agency Standard & Poor's downgraded the country's rating, a move that has yet to be reversed. | The last time the US came this close to overshooting its debt ceiling, in 2011, the credit agency Standard & Poor's downgraded the country's rating, a move that has yet to be reversed. |
| Before Wednesday's vote, US stock markets ended the day down a little, with the Dow closing 0.4% lower, while the S&P and Nasdaq both dipped by 0.6%. | Before Wednesday's vote, US stock markets ended the day down a little, with the Dow closing 0.4% lower, while the S&P and Nasdaq both dipped by 0.6%. |
| With Nomia Iqbal and Jessica Parker reporting from Capitol Hill | With Nomia Iqbal and Jessica Parker reporting from Capitol Hill |
| Related Topics | Related Topics |
| US politics | US politics |
| US Congress | US Congress |
| United States | United States |
| Joe Biden | Joe Biden |