Debt ceiling bill passes in the House, advances to the Senate

A bill to raise the debt limit and cap government spending passed in the House by a wide margin late Wednesday, sending the bill to the Senate just days before Monday’s U.S. default deadline. 

The Fiscal Responsibility Act passed 314-117, with support from both Democrats and Republicans.

It was a dramatic conclusion to weeks of tense negotiations between the White House and Republican House Speaker Kevin McCarthy.  

That drama now moves to the Democrat-controlled Senate, where leaders on both sides want to pass it in 48 hours. Late Wednesday night, Senate Majority Leader Chuck Schumer, D-N.Y., stood up in a nearly empty Senate chamber to formally place the bill on the calendar for Thursday.