US House passes debt ceiling bill, averting crisis

WASHINGTON, US - MAY 31: Congressman Ken Buck speaks to the press after the U.S. House of Representative passes US debt ceiling bill. The US House of Representatives passed a bill on Wednesday to avert a catastrophic default on the nation’s debt before a June 5 deadline. The Republican-controlled House voted 314-117, sending the bill to the Senate. In the final vote,165 Democrats and 149 Republicans backed the bill negotiated by House Speaker Kevin McCarthy and President Joe Biden. The bill, which suspends the $31.4 trillion cap on the federal government's borrowing limit through January 2025, needs to be passed by the Senate before Biden signs it into law. The debt limit was hit in January, but the Treasury Department has taken steps to ensure that the US continues to pay its bills. (Footage by Mostafa Bassim /Anadolu Agency via Getty Images)