US Senate passes bipartisan legislation backed by President Biden that lifts government's $31.4 trillion debt ceiling, averting what would have been a historic, first-ever default
Compromise package negotiated between Biden and House Speaker McCarthy leaves neither Republicans nor Democrats fully pleased with the outcome. / Photo: Reuters
The upper chamber of Congress late on Thursday rubber-stamped a bill passed a day earlier by the House of Representatives to extend the country's borrowing authority through 2024 — staving off the next showdown until after the presidential election. But the result, after weeks of hard-fought budget negotiations, shelves the volatile debt ceiling issue that risked the US and global economy until 2025 after the next presidential election.
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