He The United States Senate on Thursday approved a bipartisan bill backed by President Joe Biden that raises the public debt ceiling to $31.4 trillion.avoiding what would have been a historic first default.
The Senate voted 63-36 to pass the bill, which passed the House of Representatives on Wednesday as lawmakers raced against the clock after months of partisan bickering between Democrats and Republicans.
The Treasury Department had warned that it would not be able to pay all of its bills by June 5 if Congress did not act by then.
“We will avoid default tonight,” the Senate Majority Leader said Thursday.Chuck Schumer, as he led legislation in his 100-member chamber.
Before the vote, senators considered nearly a dozen amendments – rejecting all of them – before the final vote that sent the bill to Biden for signing into law before a Monday deadline.
With this legislation, the legal limit of federal indebtedness will be suspended until January 1, 2025.
Source: Ambito
