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00:00 Denezer 314, Denezer 117, the bill is passed.
00:05 As is often the case with compromises, it pleased few but got the job done.
00:10 After painstaking negotiations, H.R. 3746, a 99-page bill that suspends the U.S.'s debt
00:16 ceiling passed the House.
00:18 It removes the current borrowing limit of $31.4 trillion on how much the U.S. government
00:24 can spend, and it does so until January 2025, after the next election.
00:30 In a statement, the White House praised the vote, saying it was a critical step in avoiding
00:35 default.
00:36 Writing that such a bipartisan compromise was the only way forward, the bill includes
00:41 Republican-backed spending cuts, and it expands work requirements for food stamp recipients.
00:47 After the vote, the Republican Speaker of the House hailed the bill as a victory.
00:51 Tonight we all made history, because this is the biggest cut in savings this Congress
00:58 has ever voted for.
01:00 But such cuts were not enough for many hardline Republicans, who initially wanted $4.8 billion
01:05 in savings instead of the $1.5 billion that was agreed upon.
01:09 71 of them voted against it, throwing again into question McCarthy's power over his majority
01:15 in the House.
01:16 165 Democrats and 149 Republicans stepped in to ensure the bill's passage.
01:23 For them, the risk of default was too great.
01:27 While I find this legislation objectionable, it will avert an unprecedented default, which
01:33 would bring devastation to America's families.
01:36 By weaponizing the debt ceiling, Republicans…
01:39 Dozens of progressive Democrats also voted against the compromise, saying Republicans
01:43 were holding the U.S. economy hostage with the debt ceiling.
01:46 In order to pass through conservative policies.
01:49 The bill now heads to the U.S. Senate, where it's expected to become law before Monday's
01:54 looming deadline.