The U.S. Senate passed with bipartisan support a bill to suspend the United States’ debt limit through January 1, 2025 and avert what would have been a first-ever default ahead of June 5 deadline given by the Treasury Department. <\/p>\n
The Upper House passed the bill with a 63-36 vote.<\/p>\n
The Bill needed the support of 60 senators in the 100-member chamber where the ruling Democrats only have narrow majority.<\/p>\n
Thursday night, the Biden administration was saved from a possible crisis as 17 Republican lawmakers voted in favor of The Fiscal Responsibility Act.<\/p>\n
The debt ceiling is a spending limit stipulated by Congress which determines how much money the government can borrow.<\/p>\n
If the debt ceiling was not raised beyond the current cap of $31.4 trillion, U.S. could have entered a default on its debt, which could lead to global financial crisis.<\/p>\n
The House of Representatives had earlier passed Bill. So it will now go to President’s table to sign it into law.<\/p>\n
Joe Biden said he looks forward to signing the Bill as soon as possible. The President is scheduled to addresses the nation on averting default and the Bipartisan Budget Agreement at the Oval Office at 7 PM ET Friday.<\/p>\n
He thanked Senate Leader Chuck Schumer and Minority Leader Mitch McConnell for quickly passing the bill.<\/p>\n