US House passes bill to suspend US$31.4tn debt ceiling, averts default

The US House of Representatives has passed a bill to suspend the US$31.4 trillion debt ceiling, with both Democrats and Republicans supporting the measure to avoid a catastrophic default. The legislation now moves to the Senate, which must enact it and get it to President Joe Biden‘s desk before the government runs out of funds to pay its bills. The bill is a compromise between Biden and House Speaker Kevin McCarthy and has faced opposition from 71 hardline Republicans. However, 165 Democrats supported the measure, ensuring its passage.

The legislation temporarily removes the federal government’s…