US House passes bill to raise debt limit and cap spending
The US House of Representatives has passed a bill to raise the nation's borrowing limit and cap future spending, negotiated by President Biden and House Speaker Kevin McCarthy. The bill now heads to the Senate with only five days before the government runs out of cash to pay debts. The bill suspends the debt limit through 2025 to avoid a federal default and includes measures to limit discretionary spending. The bill was supported by 149 Republicans and 165 Democrats, but faced opposition from hard-line Republicans and far-left Democrats.