US debt ceiling bill set for tight vote in House

The US House of Representatives is voting on a bill to lift the US debt ceiling and stave off default by Monday if action isn't taken, which could result in a destabilizing economic crisis according to President Biden. The bill, which also includes caps on government spending, permitting processes for some energy projects and expanding work requirements for food aid programs, would remove the debt ceiling through Jan. 1, 2025, allowing the contentious issue to be set aside until after the 2024 presidential election. The bipartisan deal needs support from both Kevin McCarthy's Republicans and President Biden's Democrats to pass.

from News-Economic Times https://ift.tt/dvVRjmn