The House of Representatives is set to vote Wednesday night on a bill that would cut federal spending by more than $1 trillion and raise the debt ceiling through the 2024 presidential election. The bill is expected to pass with support from both Republicans and Democrats, although there is opposition from both sides of the political spectrum. If the bill passes, it will be the first time in history that the U.S. has avoided a government debt default. House Speaker Kevin McCarthy and House Minority Leader Hakeem Jeffries need both parties to pass the bill in order to lift the debt ceiling a few days before the U.S. is expected to run out of money to pay its bills. Majority of the left wing of the Democratic Party is likely to vote no, arguing that the bill does not address underlying issues of inequality and poverty.
House of Representatives Set to Vote on Bill to Cut Federal Spending and Raise Debt Ceiling Through 2024 Presidential Election