The agreement will next proceed to the Senate’s consideration.
Members of the US House of Representatives have voted 314-117 to raise the debt ceiling. The agreement will proceed to Senate consideration.
A total of 149 Republicans and 165 Democrats voted in favor of the deal. 71 Republicans and 46 Democrats voted against it. 218 votes were needed to pass the agreement.
President Joe Biden said on Sunday that he had reached the speaker of the House of Representatives, a Republican politician by Kevin McCarthy to an agreement on the federal budget. According to Biden, the debt ceiling would be raised for two years.
After the House vote, President Biden said the White House in the bulletin that he hoped the Senate would pass the deal as quickly as possible so he could sign it into law.
The agreement has been described as a compromise where no one would get exactly what they wanted.
Raising the debt ceiling is urgent. US Treasury Secretary Janet Yellen has estimated that the country will drift into insolvency on June 5 if the debt ceiling could not be raised. If the withdrawal was not made in time, the United States would have to default on its debt servicing costs for the first time in its history.
Sources: AP, Reuters, AFP