Biden to sign debt limit bill after safe passage through Senate
✕ Close Voting has started as lawmakers agree on a debt limit deal
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The Senate has passed a bipartisan agreement forged by US president Joe Biden and House speaker Kevin McCarthy to raise the $31.4 trillion US debt ceiling after the deal survived a Republican rebellion in the House of Representatives.
The Fiscal Responsibility Act, which will also implement new federal spending cuts, cleared the lower chamber with 314 votes in favour and 117 against on Wednesday night.
The narrowness of its passage through the House was made possible through the support of Democrats, who stepped in to thwart a conservative revolt that badly undermined Speaker McCarthy’s claims to control over his increasingly divided party.
On Thursday, the Senate rejected 11 proposed amendments before passing the bill 63 for to 36 against. Majority leader Chuck Schumer will now send the bill to President Biden’s desk for his signature.
Full congressional approval was required before Monday 5 June, when the Treasury Department was expected to run out of funds to pay its debts for the first time in American history, triggering likely economic chaos.
Source: The Independent
