The House of Representatives has voted to raise the debt limit, thereby ensuring the United States will avoid defaulting on its debt, despite vocal opposition from many Republicans in the House majority.
The 314-117 passage of the legislation is the first major hurdle to be cleared for Mr McCarthy, who made a series of concessions on how to negotiate the debt limit during the marathon 15 votes it took for him to become speaker in January.
The Senate will take up the legislation for a vote and Senate Majority Leader Chuck Schumer has pledged it will pass before 5 June, when Treasury Secretary Janet Yellen has warned that the United States will run out of options to maintain its debt obligations.
The legislation had resulted from negotiations between lieutenants of House Speaker Kevin McCarthy and the White House. President Joe Biden praised the agreement and thanked Mr McCarthy and House Minority Leader Hakeem Jeffries.
"This agreement is good news for the American people and the American economy. It protects key priorities and accomplishments from the past two years, including historic investments that are creating good jobs across the country," he said in a statement.
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