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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
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.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
How will Trump's spending bill impact student loans?
the explainer Here's what the Republicans' domestic policy bill means for current and former students
-
Can the US economy survive Trump's copper tariffs?
Today's Big Question Price hike 'could upend' costs of cars, houses, appliances
-
Film reviews: Superman and Sorry, Baby
Feature A hero returns, in surprising earnest, and a woman navigates life after a tragedy
-
Judge nixes wiping medical debt from credit checks
Speed Read Medical debt can now be included in credit reports
-
Grijalva wins Democratic special primary for Arizona
Speed Read She will go up against Republican nominee Daniel Butierez to fill the US House seat her father held until his death earlier this year
-
US inflation jumps as Trump tariffs 'bite'
Speed Read Consumer prices are climbing and the inflation rate rose to its highest level in four months
-
SCOTUS greenlights mass DOE firings
Speed Read The Supreme Court will allow the Trump administration to further shrink the Education Department
-
Cuomo announces third-party run for NYC mayor
Speed Read He will go up against progressive Democratic powerhouse Zohran Mamdani and incumbent Mayor Eric Adams
-
Secret Service 'failures' on Trump shooting
Speed Read Two new reports detail security breakdowns that led to attempts on the president's life
-
Trump set to hit Canada with 35% tariffs
Speed Read The president accused Canadian Prime Minister Mark Carney of failing to stop the cross-border flow of fentanyl
-
Mahmoud Khalil files $20M claim over ICE detention
Speed Read This is the 'first damages complaint' brought by an individual targeted by the Trump's administration's 'crackdown' on Gaza war protesters