Local time May 31, 2023, the US House of Representatives passed the debt ceiling bill by voting. This bill is promoted by President Biden and McCarthy, Speaker of the US House of Representatives.

The bill is to increase the amount of debt upper limit and decrease the expenditure of the government. It will be submitted to the US Senate for discussion.

The Senate was expected to finish voting before June 5. The US Department of the Treasury has previously said if the US Congress does nothing to solve the debt ceiling by June 5, the US will not have enough funds to pay its bills.