US Congress Passes Debt Ceiling Deal to Avert Government Default


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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.

US Senators reportedly came to an agreement after they voted on 11 proposed amendments from members of both parties, with all 11 failing.
“America can breathe a sigh of relief, a sigh of relief, because in this process, we are avoiding default,” Senate Majority Leader Chuck Schumer said before voting. “From the start, avoiding default has been our North Star.”

“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.”

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