The U.S. House of Representatives passed bipartisan legislation to suspend the nation’s debt limit through Jan. 1, 2025, despite vocal opposition on both sides of the aisle.
The Fiscal Responsibility Act, a fiscal package put together by President Joe Biden, House Speaker Kevin McCarthy (R-Calif.), and their teams of negotiators, overwhelmingly cleared the lower chamber with a 314–117 vote.
More Democrats voted for the bill than Republicans by a margin of 165 to 149. Of those opposing the package, 71 members were from the GOP caucus and 46 were Democrats.
McCarthy championed the bill on the House floor on May 31, telling fellow lawmakers that this “is a crucial first step for putting America back on track.”
“It does what is responsible for our children, what is possible in divided government, and what is required by our principles and promises,” he added. “Yes, it may not include everything we need to do, but it is absolutely what we need to do right now.”
House Majority Leader Steve Scalise (R-La.) echoed McCarthy’s sentiment, telling reporters at a news conference after the vote that this is just the beginning of restoring fiscal responsibility in Washington after the vote.
“This is the first step. This is a down payment on the other things that we’re going to start doing,” Scalise said. “But none of those things would be possible if we didn’t start tonight with the action that was taken by this House in this majority.”
Rep. Patrick McHenry (R-N.C.), the House Financial Services Committee chairman, called it “the most conservative spending package” during his time in Congress.
“The Fiscal Responsibility Act is the largest deficit-reduction bill in at least a decade and will fundamentally change the spending trajectory in Washington,” he said.
Headed to the Senate
The package now heads to the Senate ahead of a June 5 deadline. Senate Majority Leader Chuck Schumer (D-N.Y.) planned to initiate the debt ceiling bill process on June 1. However, it could still take several days to travel through the Senate, depending on the senators and their positions on the matter.
By Andrew Moran
