WASHINGTON, June 1 (KUNA) -- US House of Representatives passed on Wednesday evening the debt limit bill to avert a default before June 5.
The House voted 314-117 on the debt limit deal to suspend the nationآ’s USD 31.4 trillion debt ceiling through January 2025.
The bill will head next to the Senate to be passed before sending it to President Joe Biden to be signed into law.
In a statement on the passage of the agreement, Biden said that the House "took a critical step forward to prevent a first-ever default and protect our countryآ’s hard-earned and historic economic recovery."
"This budget agreement is a bipartisan compromise," he added. "Neither side got everything it wanted."
He affirmed that "this agreement is good news for the American people and the American economy."
"I have been clear that the only path forward is a bipartisan compromise that can earn the support of both parties. This agreement meets that test," he affirmed.
Biden urged the Senate to pass it "as quickly as possible so that I can sign it into law and our country can continue building the strongest economy in the world." (end)