The vote follows tense negotiations between President Joe Biden, a Democrat, and House Speaker Kevin McCarthy, a Republican. The two parties struggled to work through their opposing views on spending as the US faced a potential default, should they have failed to come to a compromise on raising the debt ceiling limit.
On Thursday, the US Senate passed the Fiscal Responsibility Act, known colloquially as the “debt ceiling deal”. The deal was passed 63 to 36, with 60 affirmative votes being the threshold.
Its passing comes just in time, as the US faced a default by June 5 (at the earliest) if a deal could not be reached. The Senate voted on the bill just a day after the US House of Representatives cleared the deal handed over to them by President Biden and House Speaker McCarthy.
“The deal the House passed last night is a promising step toward fiscal sanity,” added House Minority Leader Mitch McConnell while on the Senate floor. “But make no mistake: there is much more work to be done. The fight to reel in wasteful spending is far from over.”