The House of Representatives has passed the debt ceiling bill, which must now be approved by the US Senate before being signed into law by President Joe Biden.
The bill suspends the debt ceiling until 2025, but does not address the issue of the government's debt. Bitcoin's price briefly dropped following the news, and is currently trading down 3.27% in the last 24 hours.
The passing of the bill may result in the US Treasury printing trillions of dollars to save the economy, potentially leading to another interest rate hike announcement from the Federal Reserve next month.
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