The "debt limit," a stupid idea essentially unique to the United States, is less likely to trouble the country for another two years after the House of Representatives voted 314-117 to pass the deal negotiated by President Joe Biden and GOP House Leader Kevin McCarthy earlier this week. The limit-raising bill must still pass in the Senate, however, as the prospect of default looms.
Both parties had solid "no" contingents, but more Democrats than Republicans voted for the compromise and GOP right wingers seem much more upset about it than progressives. The size of the GOP revolt–71 votes–may spell trouble for McCarthy's leadership.
Tonight, the House took a critical step forward to prevent a first-ever default and protect our country's hard-earned and historic economic recovery. 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. I urge 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.