Know How the House of Representatives passed the debt ceiling bill 2023.
A divided U.S. House passed a debt ceiling bill to suspend the $31.4 trillion debt ceiling on Wednesday.
According to reports, the debt ceiling bill passed with majority support from both Democrats and Republicans.
The debt ceiling bill passes to overcome opposition led by hardline conservatives and avoid a catastrophic default.
The Republican-controlled House voted 314-117 to send the legislation to the Senate.
Republicans supported it by a vote of 149-7, while Democrats supported the bill 165-46.
Now, Senate must enact the measure and get this bill to President Joe Biden's desk before a Monday deadline.
Biden said "The House took a critical step forward to prevent a first-ever default and protect our country's hard-earned"
President Biden said after the vote "This agreement is good news for the American people and the American economy,"
Analysts say a US default could cause financial markets to freeze up and spark an international financial crisis.
Know the complete steps to file your federal income tax return in 2023.