GOP's Debt Limit Bill Passes House, but Faces Uncertain Future in Senate

The House of Representatives passed a Republican bill to raise the debt limit and cut government funding, after last-minute changes won over a group of holdouts within the GOP caucus. The bill has little to no chance of becoming law, but is seen as a symbolic opening bid in negotiations between House Speaker Kevin McCarthy and President Joe Biden later this year. The White House has declared that Biden would veto the GOP debt limit bill if it ever reached his desk, calling it a "reckless attempt to extract extreme concessions." Without congressional approval on a bill to raise or suspend the debt limit, the United States could face the prospect of a default.