Debt-limit increase passes easily in House vote

The U.S. House voted Wednesday night to easily pass its debt-ceiling relief deal — a dramatic move to keep a limit increase on track as the Treasury heads toward a Tuesday deadline, after which the government won’t have ready funding to pay its bills.

The vote total was 314 for, 117 against. Republicans voted for the bill by a 149-71 margin, while Democrats approved with a 165-46 vote.

After emerging from committee Tuesday and procedural votes earlier Wednesday, the debt-ceiling bill was the subject of closely watched comments from representatives on both sides of the aisle — and plenty found much to dislike with the compromise, which was set to increase the debt ceiling to give some breathing room until January 2025, until after the next presidential election.

Now the measure is set to go to a Senate also working under a tight timetable and preparing for weekend votes. A number of senators have expressed the wish to amend the bill, but any successful amendments means it would be set to return to the House for more approval, also threatening the deadline.

Earlier Wednesday, the bill came close to a procedural setback after some Republican defections, but late in the vote, Democrats helped Speaker Kevin McCarthy secure debate rules so the bill could move to a night vote.

Futures were little changed after the successful vote. As of 9:27 p.m., Dow futures were down -0.15%, S&P futures -0.01% and Nasdaq futures -0.13%. Meanwhile, 2-year Treasury futures were down -0.01%; the 10-year futures -0.04% and 30-year +0.05%.

The margin of the victory was received as positive news for Republican House Speaker Kevin McCarthy, as the deal came to be seen as a referendum on his (narrow) leadership support.

“Tonight we all made history, because this is the biggest cut and savings this Congress has ever voted for,” McCarthy said after the vote.

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