The U.S. House of Representatives has passed debt reduction legislation drafted by President Joe Biden and Speaker Kevin McCarthy that would impose restrictions on government spending during the 2024 election and avoid destabilizing U.S. defaults.
Lawmakers from both parties joined to approve Bill 314-117, sending the action to the Senate for consideration as the hypothetical deadline approaches. The vote cements Biden's reputation for pragmatism and cross-party action as he seeks a second term and allows McCarthy to claim success in his first major test as a speaker.
Source (Al-Arabiya.net Website, Edited)
