“I cannot stress enough that we have no margin for error,” he said. Yellen has said the government would default without action by Congress. Schumer warned earlier in the day that senators would need to approve the bill without changes to meet the June 5 deadline when the Treasury Secretary Janet L. Not long after the bill passed the House, Senator Chuck Schumer, Democrat of New York and the majority leader, moved to speed it to the floor in that chamber, where it was expected to get quick consideration. Biden, who called congressional leaders after the vote, said in a statement. “This budget agreement is a bipartisan compromise,” Mr. Biden lauded the bill’s passage as a “critical step forward to prevent a first-ever default.” “Under the leadership of President Joe Biden, Democrats kept our promise.” “From the very beginning, House Democrats were clear that we would not allow extreme MAGA Republicans to default on our debt, crash the economy or trigger a job-killing recession,” Mr. Representative Hakeem Jeffries, Democrat of New York and the minority leader, described the deal as a vital step and thanked Democrats for their “efforts to make sure that we push back the extreme MAGA Republican efforts to jam right-wing cuts down the throats of the American people.” McCarthy said in a speech on the House floor, adding, “That is a major victory.” “We’re finally bending the curve on discretionary spending because of this bill, and we’re doing it while at the same time raising our national defense and our veterans fully funded, with Social Security and Medicare preserved,” Mr. McCarthy framed the bill on Wednesday as a “small step putting us on the right track” and urged his members to support it. It allowed Republicans, who refused to raise the debt ceiling and avert a default without conditions, to say that they succeeded in reducing some federal spending - even as funding for the military and veterans’ programs would continue to grow - while allowing Democrats to say they spared most domestic programs from the severe cuts. The compromise was structured with the aim of enticing votes from both parties. enforcement and unspent coronavirus relief money, speed the permitting of new energy projects and officially end Mr. The legislation would also impose stricter work requirements for food stamps, claw back some funding for I.R.S. It would cut federal spending by $1.5 trillion over a decade, according to the Congressional Budget Office, by effectively freezing some funding that had been projected to increase next year and then limiting spending to 1 percent growth in 2025, which is considered a cut because it would be at a lower level than inflation. The deal would suspend the $31.4 trillion borrowing limit until January 2025. That was a blow to the Republican speaker, whose hard-fought victory on the measure was dampened by the fact that more Democrats ultimately voted for the bill than members of his own party. On the final vote, 149 Republicans and 165 Democrats backed the measure, while 71 Republicans and 46 Democrats opposed it. With both far-right and hard-left lawmakers in revolt over the deal, it fell to a bipartisan coalition powered by Democrats to push the bill over the finish line, throwing their support behind the compromise in an effort to break the fiscal stalemate that had gripped Washington for weeks. The 314-to-117 vote came days before the nation was set to exhaust its borrowing limit, and days after a marathon set of talks between White House negotiators and top House Republicans yielded a breakthrough agreement. The bill would defer the federal debt limit for two years - allowing the government to borrow unlimited sums as necessary to pay its obligations - while imposing two years of spending caps and a string of policy changes that Republicans demanded in exchange for allowing the country to avoid a disastrous default. The House on Wednesday overwhelmingly passed legislation negotiated by President Biden and Speaker Kevin McCarthy to suspend the debt ceiling and set federal spending limits, as a broad bipartisan coalition lined up to cast a critical vote to pull the nation back from the brink of economic catastrophe.
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