(CNBC) -- A Republican bill to raise the debt limit and slash government funding passed the House on Wednesday, after 11th hour changes won over a group of holdouts within the GOP caucus.
The vote was a victory for embattled House Speaker Kevin McCarthy, R-Calif., capping off a 24-hour sprint that saw party leaders work past 2 a.m. ET on Wednesday morning to amend the bill.
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The last-minute revisions included a rescue for ethanol and biofuel tax credits, which were set to be eliminated under the original bill. The prospect of losing the tax breaks infuriated a bloc of Republicans from Iowa and nearby states, who threatened to sink the bill unless McCarthy agreed to preserve the tax breaks, which he did.
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