The US Senate passed bipartisan legislation backed by President Joe Biden that lifts the government's $31.4 trillion debt ceiling, averting what would have been a historic, first-ever default
Republicans had blocked passage of any debt limit increase until they locked in some wide-ranging spending cuts in a move they said would begin addressing a rapidly escalating national debt.
That left a somewhat narrow band of domestic "discretionary" programs to bear the brunt of spending cuts. In the end, Republicans won about $1.5 trillion in reductions over 10 years, which may or may not be fully realized. Their opening bid was for $4.8 trillion in savings over a decade. "Time is a luxury the Senate does not have," Schumer said on Thursday. "Any needless delay or any last-minute holdups would be an unnecessary and even dangerous risk."
Some Republicans also wanted to beef up defense spending beyond the increased levels contained in the House-passed bill. The bill was cobbled together over weeks of intensive negotiations between senior aides for Biden and McCarthy.
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