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US Senate passes debt ceiling bill to prevent default, set to become law

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The U.S. Senate on Thursday passed the critical debt ceiling and spending legislation that will ensure the country avoids a federal default, sending the bill to President Joe Biden’s desk and ending one of the most stressful periods of congressional dealmaking in recent memory.

The legislation passed the upper chamber a day after the House united in rare bipartisan fashion to approve the deal reached between Republicans and the White House, which has few fans but will ensure the U.S. can continue to pay its debts.

“We've saved the country from the scourge of default,” Senate Majority Leader Chuck Schumer said on Thursday, after he announced an agreement on the vote. “We may be a little tired, but we did it. So we're very, very happy. Default was the giant sword hanging over America's head.”

The legislation passed the Senate by 63-36, with the no votes coming from both Democrats and Republicans. It will now go to Biden’s desk for his signature, making it law. Biden said on Twitter he would sign the bill “as soon as possible” and will address the nation on Friday.

For more info, please go to https://globalnews.ca/news/9740381/us-debt-ceiling-senate-vote/

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Category
U.S. & Canada
Tags
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