US House set to vote: Legislation brokered by president Joe Biden and House Speaker Kevin McCarhty to lift the $31.4 trillion US debt ceiling and achieve new federal spending cuts passed an important hurdle late on Tuesday (local time), advancing to the full House of Representatives for debate and an expected vote on passage on Wednesday.
The House Rules Committee voted 7-6 to approve the rules allowing debate by the full chamber. Two committee Republicans, Representatives Chip Roy and Ralph Norman, bucked their leadership by opposing the bill.
That vote underscored the need for Democrats to help pass the measure in the House, which is controlled by Republicans with a narrow 222-213 majority.
US House set to vote: House passage would send the bill to the Senate. The measure needs congressional approval before June 5, when the Treasury Department could run out of funds to pay its debts for the first time in US history.
If the Treasury Department cannot cover make all its payments, or if it was forced to prioritize payments, that could trigger economic chaos in the US and global economies.
