The U.S. House of Representatives passed the Fiscal Responsibility Act in a bipartisan vote of 314 to 117 on Wednesday temporarily suspending the nation’s debt ceiling and averting default. Forty-six Democrats and 71 Republicans voted against the bill. The bill suspends the debt ceiling until January 1, 2025, marginally cuts non-defense discretionary spending in 2024, and limits discretionary spending growth to 1 percent in 2025. Rep. Tom Cole (R-OK) said, “It is not a perfect bill, but it does represent a compromise between the administration and Congress. That’s necessary in a divided government. Nobody got everything they wanted. But the end result is a truly historic bill.” The bill will move to the Senate and a vote could come as early as June 1, according to Senate Majority Leader Chuck Schumer (D-NY).
