A majority of the US House of Representatives voted on Wednesday to approve a bipartisan bill suspending the government’s debt limit at $31.4 trillion, according to Reuters.
The decision was made by a vote of 314 to 117, just five days before the deadline to avoid a catastrophic default.
The bill also needs to be approved by the Senate, where Democrats hold the majority. After that, President Joe Biden will be able to sign it into law.
Suspending the debt limit until 2025 pushes the threat of default beyond the completion of the presidential elections. In addition to the debt limit, the bill imposes spending restrictions unrelated to defense, expands employment requirements for some food stamp recipients, and restores certain COVID-19 relief funds.
