United States House of Representatives passed on Wednesday a bill aimed at raising the debt ceiling in exchange for a number of spending cuts, APA reports citing Teletrader.
The bill was proposed by the Republican Party and passed narrowly 217 to 215 in the Republican-led House, but is expected to fail in the Senate, which is controlled by the Democrats.
The bill aims to lift the debt ceiling by $1.5 trillion, removing the risk of default. However, it also plans for spending cuts worth $4.5 trillion over 10 years, according to House Speaker Kevin McCarthy. Under the legislation, federal agencies would see their spending growth limited to 1% a year, the Internal Revenue Service (IRS) would be denied $80 billion in funding over a decade, student loan forgiveness would be abandoned, and subsidies for green energy would be revoked, among other measures.
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