The House voted 314-117 Wednesday to pass a bipartisan bill that would suspend the debt limit through Jan. 1, 2025, raise military spending by approximately 3 percent and reduce spending on domestic programs in fiscal year 2024, The Wall Street Journal reported.
The measure, which is now headed to the Senate, would place a 1 percent limit on spending increases for FY 2025, increase the age of individuals who must work to get food assistance and accelerate environmental assessments for energy projects.
According to the Congressional Budget Office, the proposed Fiscal Responsibility Act would cut government deficits by approximately $1.5 trillion over 10 years compared with the baseline forecast.
President Joe Biden called on the Senate to immediately approve the measure so he can sign the bill into law and noted that the budget agreement honors his commitment to protect Medicare, Medicaid and Social Security and other critical programs supporting families, veterans and students.
“I have been clear that the only path forward is a bipartisan compromise that can earn the support of both parties. This agreement meets that test,” Biden said in a statement released Wednesday.
The passage of the bill in the lower chamber came days after President Biden and House Speaker Kevin McCarthy reached the deal.
