US averts default: House Passes debt ceiling bill to avoid default
Washington, Jun 2, 2023: The US Senate on late thursday passed bipartisan legislation backed by President Joe Biden that lifts the government's $31.4 trillion debt ceiling, averting what would have been a first-ever default.
The Senate voted 63-36 in favor's to approve the bill that was passed on Wednesday by the House of Representatives, as lawmakers raced against the clock following months of partisan bickering between Democrats and Republicans.
U.S. Senate Republican Leader Mitch McConnell stated, “Four months after Speaker McCarthy invited President Biden to begin negotiating a resolution to the looming debt crisis, an important step toward fiscal sanity will finally become law.
“Thanks to House Republicans’ efforts, the Fiscal Responsibility Act avoids the catastrophic c...