Yesterday, the House of Representatives passed a bipartisan deal aimed at raising the debt ceiling and addressing future spending levels, thereby avoiding potential consequences of a default on the national debt. The bill received a vote of 314-117, with support from both Democrats and Republicans.
In addition to raising the debt ceiling, the bill includes provisions related to student loan repayments. It would codify the Biden administration’s plan to resume student loan repayments, ending the current payment pause and interest accrual 60 days after June 30, 2023. This provision aims to prevent further extensions of the student loan payment pause.
The next step for the bill is the Senate, where it is expected to gain clearance in the coming days. The Senate’s approval would then pave the way for President Joe Biden’s signature. The aim is to complete these procedures before the federal government faces a potential default on its debt.