House passes bill to raise debt limit

President Joe Biden and House Speaker Kevin McCarthy worked to assemble an alliance of moderates from both parties to support the legislation. Some members still opposed the bill, which passed by a vote of 314-117. The measure now heads to the Senate for consideration.

What does the agreement entail? It raises the debt ceiling through the end of 2024 and essentially caps non-defense spending for the next two years. Meanwhile, it increases work requirements for older Americans receiving food assistance and recaptures unspent pandemic relief funds. It also cuts more than $1 billion in funding to the IRS.

Dig deeper: Read Leo Briceno’s report in The Stew about how House Democrats planned a long shot to fix the debt ceiling before this agreement.