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Debt-Ceiling Deal Passes First Hurdle, Biden Urges Quick Senate Passage

US

The US House of Representatives has voted to lift the US debt ceiling by 314-117. Markets have responded positively to the development. The bill now goes to the Democrat-led Senate and President Biden has urged it to pass the agreement as soon as possible. The deadline is June 5 and there is a high risk that the US could default causing significant upheaval if the bill isn’t signed into law.

  • 71 Republicans and 46 Democrats opposed the debt-ceiling bill – the Fiscal Responsibility Act. In terms of the Senate, Bloomberg is reporting that several senators have said that they won’t allow the legislation to pass quickly.

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