(Trends Wide) — The Senate approved this Thursday the bipartisan agreement to raise the debt ceiling. The result of the vote was 63 in favor against 36 against.
The bill will now go to President Biden for his signature to sign into law. The measure will suspend the nation’s debt limit until January 1, 2025 with the goal of avoiding the first US default.
In addition to addressing the debt limit, the bill caps non-defense spending, expands work requirements for some food stamp recipients and recovers some COVID-19 relief funds, among other policy provisions.
The deadline to pass the bill in Congress was very tight, with little margin for error, which put enormous pressure on the leaders of both parties in the face of the threat of default.
Lawmakers were racing against time to avoid a default before June 5, when the Treasury Department warned it could no longer pay all of the nation’s obligations in full and on time, a scenario that could unleash a global economic catastrophe. .
The effort to reach a debt limit deal has proven to be a major test of leadership for both House Speaker Kevin McCarthy and Biden.
The president said through a statement that he will sign the project as soon as possible and that he will speak to the country on Friday.
The bipartisan agreement on the debt limit was reached between the White House and House Republicans, and was the culmination of long days and long nights of contentious negotiations that, at times, looked as if they were going to fail and unravel for nothing. complete.
The bill faced criticism from both the far left and the far right, but ultimately gained support from a significant number of lawmakers on both sides.
The measure had been approved in the House of Representatives by a wide margin (314 votes in favor and 117 against) on Wednesday.
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(Trends Wide) — The Senate approved this Thursday the bipartisan agreement to raise the debt ceiling. The result of the vote was 63 in favor against 36 against.
The bill will now go to President Biden for his signature to sign into law. The measure will suspend the nation’s debt limit until January 1, 2025 with the goal of avoiding the first US default.
In addition to addressing the debt limit, the bill caps non-defense spending, expands work requirements for some food stamp recipients and recovers some COVID-19 relief funds, among other policy provisions.
The deadline to pass the bill in Congress was very tight, with little margin for error, which put enormous pressure on the leaders of both parties in the face of the threat of default.
Lawmakers were racing against time to avoid a default before June 5, when the Treasury Department warned it could no longer pay all of the nation’s obligations in full and on time, a scenario that could unleash a global economic catastrophe. .
The effort to reach a debt limit deal has proven to be a major test of leadership for both House Speaker Kevin McCarthy and Biden.
The president said through a statement that he will sign the project as soon as possible and that he will speak to the country on Friday.
The bipartisan agreement on the debt limit was reached between the White House and House Republicans, and was the culmination of long days and long nights of contentious negotiations that, at times, looked as if they were going to fail and unravel for nothing. complete.
The bill faced criticism from both the far left and the far right, but ultimately gained support from a significant number of lawmakers on both sides.
The measure had been approved in the House of Representatives by a wide margin (314 votes in favor and 117 against) on Wednesday.
