English
The US House of Representatives prepares to vote on debt ceiling legislation
The US House of Representatives will vote on Wednesday on a bill to raise the government's debt ceiling of $31.4 trillion, a critical step to avoid a default that could occur next week in the event of inaction by Congress.
Republicans in the House of Representatives enjoy a narrow majority by nine seats, but the bill needs the support of Republicans and Democrats to pass it, and members of both parties object to important parts of it.
Republican House Speaker Kevin McCarthy expected the evening vote to be successful, telling reporters, "It will become law."
President Joe Biden highlighted the dangers of failure to pass the law, writing on Twitter, "Bipartisan agreement prevents the worst possible crisis: first default in our nation's history, recession, collapsing retirement accounts, and millions of jobs lost."
Wall Street's major indices opened slightly lower on Wednesday as investors awaited the outcome of the vote.
The House Rules Committee late Tuesday approved the bill to pass its first procedural vote, paving the way for it to be sent to the full House for consideration and a vote on Wednesday.
The legislation would suspend the debt ceiling until January 1, 2025, allowing Biden and lawmakers to delay the politically fraught issue until after the November 2024 presidential election.
It also caps some government spending over the next two years, speeds up the approval process for some energy projects, and returns unused COVID-19 funds.
The Treasury Department has warned that it may not be able to cover all of the government's liabilities by Monday if Congress does not raise the debt ceiling.
