Debt ceiling deal clears House

The House voted 314-117 today to approve an agreement to raise the debt ceiling. The deal struck by President Biden and House Speaker Kevin McCarthy (R-Calif.) cleared the chamber with majorities in both parties voting in favor of the legislation. The proposal now heads to the Senate. ABA and seven financial trade associations on Tuesday jointly urged lawmakers to finalize a deal, warning that failing to do so would put the U.S. economy at risk.