Biden lauds bipartisan debt ceiling bill passage.

President Biden Praises Bipartisan Debt Ceiling Bill

“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,”

– President Joe Biden

President Joe Biden has praised the House of Representatives for passing a new bipartisan debt ceiling bill just days before the Treasury Department’s deadline. The bill passed in a 314-117 vote, with lawmakers crossing the political aisle to reach a compromise on government spending.

What’s in the Bill?

The bill includes protections for social programs such as Social Security and Medicaid, but it also allows Republicans to reclaim unspent COVID-19 relief and reduce funding for the IRS. The 99-page bill proposes suspending the nation’s debt ceiling until Jan. 1, 2025, putting off another debt ceiling showdown until after the 2024 presidential election.

What’s Next?

The vote comes after a massive whip operation by both parties, with Minority Leader Hakeem Jeffries (D-NY) delivering House Speaker Kevin McCarthy (R-CA) the support needed to get the bill across the finish line. The bill will now advance to the Senate, where President Biden strongly encourages them to pass the same bill in their vote later this week. Once passed, the bill will go to the president’s desk, where he is expected to sign it into law.

The United States reached its debt ceiling in January, but Congress was given a June deadline until the federal government would be unable to pay its bills. This agreement is good news for the American people and the American economy, and President Biden has been clear that the only path forward is a bipartisan compromise that can earn the support of both parties.

Key Takeaways:

• The House of Representatives passed a new bipartisan debt ceiling bill just days before the Treasury Department’s deadline.
• The bill includes protections for social programs such as Social Security and Medicaid, but it also allows Republicans to reclaim unspent COVID-19 relief and reduce funding for the IRS.
• The bill proposes suspending the nation’s debt ceiling until Jan. 1, 2025, putting off another debt ceiling showdown until after the 2024 presidential election.
• The bill will now advance to the Senate, where President Biden strongly encourages them to pass the same bill in their vote later this week.
• The United States reached its debt ceiling in January, but Congress was given a June deadline until the federal government would be unable to pay its bills.

This agreement is a bipartisan compromise, and as President Biden said, “Neither side got everything it wanted. That’s the responsibility of governing.”