US Senate Approves National Debt Ceiling Bill

The US Senate has approved a bill regarding the national debt ceiling by a majority vote, according to American media reports.

A total of 63 senators voted in favor of the bill, which was developed through negotiations between President Joe Biden and House Speaker Kevin McCarthy, while 36 senators voted against it.

“By passing this bill, we will avoid default tonight. America can breathe a sigh of relief,” said Senate Majority Leader, Democrat Chuck Schumer.

“Our primary goal from the outset was to avoid default, as its consequences would be catastrophic,” he added.

The document will now be sent for signature to the White House. The agreement on the national debt ceiling between Biden and McCarthy was made public on May 28.

Earlier, US Treasury Secretary Janet Yellen had announced that her department's resources would be depleted by June 5 if Congress did not raise or suspend the government’s borrowing limit.

The approved bill will suspend the national debt ceiling until January 1, 2025.