The world can rest easy, all that remains is Biden’s signature
The House of Representatives had already passed a law on raising the debt ceiling, which would allow the state to borrow another $1,500 billion.
The Senate voted 63-36 to pass the House bill on Wednesday as lawmakers raced against time after months of partisan politics between Democrats and Republicans.
The US Treasury has previously warned that it will not be able to pay all of its bills on June 5 unless Congress takes action by then.
Tonight we avoid bankruptcy
Senate Majority Leader Chuck Schumer said Thursday.
US President Joe Biden applauded the legislature’s timely action.
This bipartisan agreement is a huge win for our economy and the American people
He added that he would sign the agreement as soon as possible.
Before the final vote, the senators made nearly a dozen amendments—however, due to an urgent deadline of Monday, June 5, they were all rejected at the late-night meeting.
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 up the bill negotiated by Biden and Republican House Speaker Kevin McCarthy.
Cover image source: Getty Images