US House of Representatives approves debt ceiling increase

The U.S. House of Representatives has approved a bill prepared by House Speaker Kevin McCarthy that would increase the federal debt ceiling. The bill, which would require the Biden administration to make spending cuts in order to raise the debt ceiling, was approved by the Republican-dominated House by a vote of 215-217. The bill, which will be sent to the Senate, is expected to be rejected by the Democratic majority there. The bill, prepared by McCarthy and approved by the House of Representatives, provides for an increase in the federal debt ceiling by $1.5 trillion but a cut in spending by $4.5 trillion over the next 10 years. The growth rate in federal agency spending is capped at 1 percent annually.