House passes bill to raise debt ceiling into 2025

House Speaker Kevin McCarthy at the U.S. Capitol on Wednesday. Photo: Sarah Silbiger/Bloomberg via Getty Images The House voted Wednesday to pass a bill raising the debt ceiling until 2025 in exchange for measures to cut the budget deficit. Why it matters: The bill's passage puts the U.S. on track to avert a debt default — which Treasury Secretary Janet Yellen projected could happen in a matter of days. Driving the news: The bipartisan agreement between President Biden and House Speaker Kevin McCarthy (R-Calif.) passed 314-117, with 149 Republicans and...