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The House passed legislation on April 26—by a narrow 217-215 vote—to raise the debt ceiling and reduce spending over the next ten years. The U.S. Treasury hit the current $31.4 trillion debt limit in January. Without raising the debt ceiling, it would be unable to pay its bills, and the U.S. economy would fall into a recession.
Democratic lawmakers have described the House-passed bill as “dead on arrival,” in the Senate. Four Republicans voted with Democrats to oppose the bill. President Joe Biden has said he opposes the measure as passed, because it includes many provisions he opposes, such as measures to roll back tax incentives for clean energy projects created through the Inflation Reduction Act signed into law in 2022. Biden says he wants a “clean” bill without extra amendments.