WASHINGTON, May 30 (Reuters) – Legislation brokered by President Joe Biden and House Speaker Kevin McCarthy to raise the $31.4 trillion U.S. debt ceiling and achieve new federal spending cuts passed a critical hurdle late on Tuesday, advancing to debate in the full House of Representatives and a floor vote expected on Wednesday. .
The House Rules Committee voted 7-6 to approve rules allowing for debate by the full chamber. Two committee Republicans, Reps. Chip Roy and Ralph Norman, backed their leadership by opposing the bill.
Their opposition underscores the need for Democrats to help pass the measure in the House, which is controlled by Republicans by a narrow 222-213 majority.
The House passes the bill and sends it to the Senate. The move would require congressional approval before June 5, when the Treasury Department would run out of funds to pay off the debt for the first time in U.S. history.
If the Treasury cannot pay its debts, it will trigger economic chaos in the US and global economies.
Reporting by Moira Warburton, David Morgan, Richard Cowan, Steve Holland and Graeme Slattery in Washington; Written by Andy Sullivan Editing by Scott Malone, Mark Porter, Matthew Lewis and Gerry Doyle
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