Fending off a US default, the Senate gave final approval late Thursday to a debt ceiling and budget cuts package, grinding into the night to wrap up work on the bipartisan deal and send it to President Joe Biden's desk to become law before the fast-approaching deadline, the AP reports. The compromise package negotiated between Biden and House Speaker Kevin McCarthy leaves neither Republicans nor Democrats fully pleased with the outcome. But the result, after weeks of hard-fought budget negotiations, shelves the volatile debt ceiling issue that risked upending the US and global economy until 2025 after the next presidential election. Approval in the Senate on a bipartisan vote, 63-36, reflected the overwhelming House tally the day before, relying on centrists in both parties to pull the Biden-McCarthy package to passage.
Senate Majority Leader Chuck Schumer said the bill's passage means “America can breathe a sigh of relief.” He said, “We are avoiding default.” Biden said in a statement after the vote that senators from both parties “demonstrated once more that America is a nation that pays its bills and meets its obligations—and always will be.” He said he would sign the bill into law as soon as possible. “No one gets everything they want in a negotiation, but make no mistake: this bipartisan agreement is a big win for our economy and the American people,” the president said. The White House said he would address the nation about the matter at 7pm EDT Friday.
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