US House of Representatives Passes Bill to Raise Debt Ceiling

The US Congress House of Representatives has passed a bill to raise the federal debt ceiling. This information was reported by РИА Новости, referencing the results of the voting streamed online.

More than 314 legislators voted in favor of the bill, while 117 opposed it.

After the vote in the House of Representatives, the bill will be sent for discussion in the Senate. If approved by both chambers of Congress, the document will be signed by Joe Biden.

The initiative proposes to raise the federal debt ceiling until January 2025 in exchange for the implementation of reforms suggested by the Republican Party. Among other things, these include reallocating funds designated for COVID-19 emergency assistance, as well as part of the funding reallocation for the US Internal Revenue Service.

Treasury Secretary Janet Yellen had previously warned that the country could face default, which would lead to an "economic disaster" in the country and could cause shocks in the global economy.