The final vote was 217-215, with four Republicans voting against the bill
The Republican-held U.S. House of Representatives has voted to raise the nation’s debt ceiling as speaker Kevin McCarthy calls on the Democrats to come to the table.
The final vote was 217-215, with four Republicans voting against the bill, which includes sweeping spending cuts over the next decade.
House Speaker McCarthy could only lose four votes if the bill was to be successful.
But it’s dead on arrival in the Democratic-led Senate.
Regardless, the primary aim of the bill is to boost the Republicans’ efforts to negotiate with the White House as the country quickly approaches its default deadline.
The U.S. Treasury could run out of ways to pay its bills in a matter of weeks if Congress fails to act, and financial markets are already flashing warning signs.
A 2011 standoff led to a downgrade of the government’s credit rating, which pushed borrowing costs higher and hammered investments.
