The House Passes a Bipartisan Bill to Suspend the Debt Ceiling

Last night House passed a bipartisan bill to suspend the debt ceiling overcoming vocal opposition from conservative and liberal lawmakers. The legislation which was crafted through negotiations between President Biden and Republican Speaker Kevin McCarthy cleared the chamber in a bipartisan 314-117 vote  and now heads to the Senate. If the debt ceiling did not pass, it would have slashed government services, payments to 67 million Social Security beneficiaries could have been halted. One week of default alone could have caused 1 million jobs to be lost; employment rate would have jumped to about 5 percent higher interest rates,. market panic, political instability even though we have more than enough of that and other long-term effects. So this was a pretty big deal.