The Fiscal Responsibility Act, which aims to raise the debt limit and set a cap on government spending, has been passed in the House with broad support from Democrats and Republicans. The bill's passage, by a vote of 314-117, follows weeks of negotiations between the White House and Republican House Speaker Kevin McCarthy. It now moves to the Senate, where the Democratic majority intends to pass it within 48 hours to avoid a potential U.S. default. President Joe Biden welcomed the outcome and urged the Senate to approve the bill swiftly.