Washington, June 1 (FN Agency) The US House of Representatives passed a deal negotiated by President Joe Biden and House Speaker Kevin McCarthy to raise the United States’ debt ceiling ahead of a default deadline of June 5, sending the bill to the Senate for consideration. House lawmakers passed the legislation, dubbed the Fiscal Responsibility Act, on Wednesday in a vote of 314-117. The bill will now head to the Senate, where it has the backing of both Majority Leader Chuck Schumer and Minority Leader Mitch McConnell. The deal negotiated by Biden and McCarthy would raise the US debt ceiling for two years in exchange for limited fiscal reforms, such as reclaiming unspent COVID recovery funds and rescinding some Internal Revenue Service funding. Biden thanked McCarthy and his team for negotiating the deal in “good faith,” adding that it was a critical step for the House to prevent the first-ever default in the US. “Tonight, the House took a critical step forward to prevent a first-ever default and protect our country’s hard-earned and historic economic recovery.
This budget agreement is a bipartisan compromise. Neither side got everything it wanted. That’s the responsibility of governing. I want to thank Speaker McCarthy and his team for negotiating in good faith, as well as Leader Jeffries for his leadership,” the president said in a statement. Biden noted that the deal “is good news for the American people and the American economy” as it “protects key priorities and accomplishments from the past two years, including historic investments that are creating good jobs across the country,” and “honors my commitment to safeguard Americans’ health care and protect Social Security, Medicare, and Medicaid. It protects critical programs that millions of hardworking families, students, and veterans count on,” the statement read. The president reiterated that he had been “clear that the only path forward is a bipartisan compromise that can earn the support of both parties” and urged the Senate to pass the legislation “as quickly as possible” so that he “can sign it into law, and our country can continue building the strongest economy.”