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Late Wednesday night a majority of House Republicans and Democrats voted, 314-117, to approve legislation to raise the debt ceiling.

The legislation left an open-ended number on spending caps and included a provision pushing back further debt ceiling adjustments to 2025 (after the Presidential Election).

Democrat Bernie Sanders, who opposes the debt limit, had this to say regarding the bill, “What we have before us is far, far better than what emanated in the Republican House, I have to make clear that I cannot vote for this bill.”

Sanders also claimed, “In a time of massive wealth and income inequality, at a time where the people on top have never had it so good, while the middle class shrinks and millions of working-class families live in desperation,” he continued “I cannot in good conscience vote for a bill that takes vital nutrition assistance away from women, infants, children and seniors while refusing to ask billionaires to start paying their fair share of taxes.”

Sanders, a millionaire himself, continued to oppose the current legislation due to the cuts he said it included.

Kevin McCarthy, and House Republicans, negotiated the bill as a compromise that included an open-ended debt ceiling and possible cuts to military spending. As it goes to the Senate amendments could be made, especially where military spending is concerned.

Senator Lindsey Graham, who called the bill a “win for China” plans to introduce amendments once the legislation hits the Senate floor. Graham says, “My plan is to inform the American people that this budget deal is a disaster for the United States Military.” June fifth is the deadline for the Senate to pass the debt ceiling bill and avoid a default.

Tony Katz’s was not a fan of the new debt limit bill. To hear his full thoughts on the debt limit, click the link below.