Debt Limit Deal Clears Significant Hurdle Heading To Full House For Vote

The president and McCarthy have both said they believe the agreement will pass and it is estimated to cut deficits by $1.5 trillion over 10 years.

The debt limit deal that was agreed upon by President Biden and House Speaker Kevin McCarthy, is now on its way to the House of Representatives after clearing a key hurdle on Tuesday.

The bill to suspend the U.S. debt ceiling and cap federal spending was advanced by the House Rules Committee on a 7-6 vote, sending it to a vote on final passage by the full House.

If passed, the legislation would set the course for federal spending for the next two years and suspend the debt ceiling until January 1st of 2025 which would postpone another borrowing debate until after the presidential election.

The president and McCarthy have both said they believe the agreement will pass and it is estimated to cut deficits by $1.5 trillion over 10 years.