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Indicator – Foreign – The US Senate voted to suspend the debt ceiling

Indicator – Foreign – The US Senate voted to suspend the debt ceiling

Late Thursday, the US Senate passed a bipartisan bill on suspending the debt ceiling and curbing federal spending, which it referred to President Joe Biden so that he could sign it in time and thus avoid technical bankruptcy – he wrote in Washington Post.

The House of Representatives approved the agreement on Wednesday night, and it is set to go into effect on Monday, as the government will not be able to pay all its bills without additional loans. Senators sought to vote on the deal before the weekend, even as some frustrated lawmakers pushed for amendments that would slow the process. None of the modifications have been approved.

To allay fears that the debt ceiling bill would limit Pentagon spending too much, Democrat Charles E. Schumer and Republican House Majority Leader Mitch McConnell issued a joint statement. In it, they stated, “The debt ceiling agreement in no way limits the Senate’s ability to request emergency supplemental funds to ensure that our military capabilities are sufficient to deter China, Russia, and our other adversaries.”

The Senate’s 63-36 resolution was the result of weeks of negotiations that progressed only sporadically and in some cases completely stalled. As the June 5th deadline approaches, the final 99-page bill has lost support from far-right lawmakers and some liberal Democrats. However, with its final adoption, months of partisan political bickering over raising the debt ceiling came to an end — and economic disaster was averted.

Our work is far from finished, but this agreement is a critical step forward and a reminder of what is possible when we work in the interest of the country. I look forward to signing this bill into law as soon as possible and speaking directly to the American people tomorrow

President Biden said in his statement after the vote.

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The Senate decided quickly

In the Senate, four Democrats and independents Bernie Sanders voted “no,” while 44 Democrats and independents Angus King and Kirsten Sinema, who are in coalition with him, voted yes. Of the Republican Party, 17 Republicans voted “yes” and 31 voted “no”. The bill needs 60 votes to pass.

The Senate has been largely pushed to the background during the negotiations — and senators made that dynamic clear in their speeches and before reporters Thursday. However, the legislation was quickly adopted after the House of Representatives passed it in a bipartisan landslide on Wednesday night. By not adopting the amendments, they allowed lawmakers unhappy with the deal to voice their concerns without blocking the bill.

This legislation suspends the legal limit on federal borrowing until January 1, 2025. Unlike most other developed countries, the United States limits the amount of debt the government can take on, regardless of legislative appropriations. Schumer and his Republican counterpart, Mitch McConnell, have kept their promise to do everything they can to speed passage of the bill negotiated by Joe Biden and Republican House Speaker Kevin McCarthy.