The Republican-run House of Representatives approved a debt-ceiling bill in a 217-215 vote on Wednesday evening, marking one step in a process that’s getting closely watched by traders worried about a possible U.S. default.
The bill, dubbed the Limit, Save, Grow Act, aims to raise the limit on federal borrowing for a year while also cutting spending. President Joe Biden and his fellow Democrats have said the lift should be made without spending cuts or other conditions, but House Speaker Kevin McCarthy and his fellow Republicans…
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