Joe Biden hails ‘big win’ as US Congress passes debt ceiling deal, averting default
- US senators pass a bipartisan debt limit deal after it was approved overwhelmingly by the House of Representatives on Wednesday
- The deal lifts the US government’s US$31.4 trillion debt ceiling ahead of the June 5 ‘X-date’, avoiding a first-ever US default
US President Joe Biden hailed a “big win” for Americans and the US economy after the Senate voted to pass legislation to lift the government’s US$31.4 trillion debt ceiling, avoiding a catastrophic sovereign default.
Passing 63 to 36 votes in the Senate on Thursday, the bill heads to Biden, who had brokered the debt deal with Republican House Speaker Kevin McCarthy.
Biden had urged lawmakers to get the bill to his desk to sign in time to avoid a first-ever US default that could have come as early as Monday, the so-called “X-date” when the US Treasury would not have enough money to cover all of its debts.
“Senators from both parties voted to protect the hard-earned economic progress we have made and prevent a first-ever default by the United States,” Biden said. “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.”
While Republicans comprised most the no-votes in the Senate, as expected, four senators on the Democrat’s left flank, including Elizabeth Warren of Massachusetts and John Fetterman of Pennsylvania also voted against.