After a deal was reached in the Senate, the House on Tuesday night passed a measure that is the first step in preventing a federal default on more than $29 trillion in debt.
Senate Majority Leader Chuck Schumer (D-N.Y.) and Senate Minority Leader Mitch McConnell (R-Ky.) have agreed to a one-time deal allowing the Senate to increase the federal borrowing limit with a simple majority. McConnell says he is "confident" at least 10 Republicans will vote in favor of the process. The vote could take place on Thursday, Politico reports. If it passes, the House and Senate would then need to hold separate votes in order to actually increase the debt limit.
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