The House of Representatives voted tonight to pass a bill to suspend the nation’s debt limit through January 1, 2025, as lawmakers race to prevent a catastrophic default.

The bill will next need to be passed by the Senate before it can be sent to President Biden to be signed into law. In the Senate, any one lawmaker can delay a swift vote and it is not yet clear when a final vote will take place.

The time frame to pass the bill through Congress is extremely tight and there is little room for error, putting enormous pressure on leadership in both parties.Lawmakers are racing the clock to avert a first-ever default ahead of June 5, the date the Treasury Department has said it will no longer be able to pay all of the nation’s obligations in full and on time, a scenario that could trigger global economic catastrophe.

Last edited by Spunky (5/31/2023 8:47 pm)