WASHINGTON, June 1 (NNN-XINHUA) — The U.S. House of Representatives Wednesday passed an act that suspends application of federal government debt ceiling until Jan 1, 2025.
Lawmakers voted to pass the bill 314 to 117 after it was introduced to the Congress late Sunday.
Entitled the Fiscal Responsibility Act of 2023, the act still needs approval by the US Senate and the signing by President Joe Biden so as to avoid a historic default on government debt.
The United States hit its 31.4-trillion-U.S.-dollar debt limit in January and is expected to default on its debt obligations by June 5 without raising or suspending the debt limit. — NNN-XINHUA
