US House Speaker Kevin McCarthy (R-CA) speaks in the Rayburn Room following the House vote on Fiscal Responsibility Act at the US Capitol in Washington, DC on May 31, 2023. The US House of Representatives voted today, May 31, 2023 to raise the federal debt limit, moving the country a step closer to eliminating the threat of a calamitous credit default -- just five days ahead of the deadline set by the Treasury.
The deeply divided lower chamber of Congress voted 314 to 117 to suspend the borrowing cap through 2024, and the Senate is expected to follow suit before the end of the week -- staving off the next showdown until after next year's presidential election. (Photo by Stefani Reynolds / AFP)