A bipartisan majority in the U.S. House approved a package on Wednesday night that extends the federal government’s borrowing limit while cutting spending—just days away from a catastrophic default on the federal debt.
By a margin of 314 to 117, lawmakers passed the so-called Fiscal Responsibility Act, which was negotiated by President Joe Biden and House Speaker Kevin McCarthy . Members of both parties defected, with 71 Republicans and 46 Democrats voting against the package. The U.S. Senate will immediately take up the bill and is expected to send it to Biden’s desk before the federal borrowing limit is reached on Monday.
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