Washington
The United States Senate has voted to approve a bipartisan deal that would increase the country’s debt ceiling, clearing the bill’s last major hurdle before it reaches the desk of President Joe Biden.
With Biden expected to sign the newly passed bill, Thursday’s decision is set to avert economic catastrophe, with only days remaining before the US was due to default on its debt on June 5.
Senators voted 63 to 36 in favour of the legislation, which was thrashed out in often late-night negotiations between teams representing the Democratic Biden and Republican House Speaker Kevin McCarthy – two figures often at odds – last weekend.
It was passed by the House of Representatives on Wednesday.
“We are avoiding default tonight,” Senate Majority Leader Chuck Schumer said on Thursday as he steered the legislation through the 100-member chamber where the Democrats have a razor-thin majority.
Biden welcomed the bill’s approval as a “big win for our economy and the American people”. He said he would make an additional statement on Friday at 7pm (23:00 GMT).
