US Senate Approves Debt Ceiling Deal

The U.S. Senate voted Thursday night 63-36 in support of a measure that will allow the United States to continue to pay its bills. The U.S. had been on track to run out of cash in four days. The bipartisan legislation now goes to President Joe Biden for his signature.

“Tonight, senators from both parties voted to protect the hard-earned economic progress we have made and prevent a first–ever default by the United States,” Biden said in a statement.

The House of Representatives overwhelmingly voted Wednesday night, with wide support from Republican and Democratic lawmakers alike, to allow the government to continue to borrow more money over the next year-and-a-half to meet its financial obligations, exceeding the current $31.4 trillion debt limit.

The legislation does not set a new monetary cap, but the borrowing authority would extend to Jan. 2, 2025, two months past next year’s presidential election.


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Edited by Jesus Chan

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