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House Republicans on Wednesday narrowly voted to pass House Speaker Kevin McCarthy's (R-Calif.) legislation to raise the debt ceiling through 2024 and slash government spending.
Why it matters: The bill is going nowhere with Senate Democrats and the White House firmly opposed, but it serves as a demonstration that Republicans can get votes behind a debt limit proposal.
McCarthy aims to jump-start negotiations with President Biden, who has been firm in his demands for a "clean" debt ceiling increase.
What is the Debt Ceiling?
The 2022 United States Federal Budget.
