Senate approves debt ceiling suspension, averting default

The Senate voted 63-36 late Thursday to suspend the debt ceiling for two years and reduce government spending, sending the bill to President Biden's desk and averting a default on U.S. financial obligations that loomed as early as Monday. The bill, negotiated by Biden and House Speaker Kevin McCarthy (R-Calif.), passed the House on Wednesday night with broad bipartisan support. In the Senate, four Democrats, 31 Republicans, and Sen. Bernie Sanders (I-Vt.) voted no.

"America can breathe a sigh of relief," Senate Majority Leader Chuck Schumer (D-N.Y.) said after the vote. "We are avoiding default." Biden said he looks forward to signing the bill "as soon as possible and addressing the American people directly tomorrow."

To pass the bill so quickly, at least by Senate standards, Schumer agreed to allow 10-minute votes on 11 amendments, 10 from Republicans and one from a Democrat. Approval of any of the amendments would have sent the legislation back to the House and almost certainly pushed the U.S. Treasury past Monday's default deadline. All 11 amendments were defeated.

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The debt ceiling limits the amount the federal government can borrow to pay for obligations promised by Congress. McCarthy and his caucus refused to raise the limit without concessions. McCarthy and Biden both claimed some victories from their deal. In the end, more Democrats than Republicans voted for the legislation.