Senate Passes Debt Ceiling Deal, Avoiding Federal Default
Good news for the American people! The Senate has passed the Debt Ceiling deal between Speaker of the House Kevin McCarthy and President Joe Biden, avoiding a federal default. The bipartisan bill called The Fiscal Responsibility Act was created to lift the $31.4 trillion debt ceiling until 2025. It will also implement new federal spending cuts, such as resending funding provided to the IRS.
The Senate voted to pass the deal in a 63-36 vote, with nearly all of the Democrats and few Republicans voting ‘yea’ on the bill. The United States Treasury had warned that the country would run out of money by June 5th if Congress failed to act. After the vote, the first-ever U.S. default was averted just a day ahead of the deadline. The current U.S. debt is over $31 trillion.
President Biden and Senate Majority Leader Chuck Schumer React
President Biden and Senate Majority Leader Chuck Schumer (D-N.Y.) both shared their content with the result on Twitter. President Biden said, “This bipartisan agreement is a big win for our economy and the American people.”
Chuck Schumer also took to Twitter to express his satisfaction with the result, saying, “We passed this critical legislation to support American families, preserve vital programs, and avoid catastrophic default—and I look forward to President Biden signing it without delay.”
The bill will now head to Biden’s desk where it is expected to be signed into law as soon as possible. Stay informed! Receive breaking news blasts directly to your inbox for free. Subscribe here.
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