The Senate has 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.
WASHINGTON — The U.S. Senate on 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 historic, first-ever default.by the House of Representatives, as lawmakers raced against the clock following months of partisan bickering between Democrats and Republicans.
With this legislation, the statutory limit on federal borrowing will be suspended until Jan. 1, 2025. U.S. Senator John Thune, R-S.D., talks to reporters about wrangling over the vote on debt ceiling legislation to avoid a historic default at the U.S. Capitol in Washington, Thursday. A default, he said, "would almost certainly cause another recession. It would be a nightmare for our economy and millions of American families. It would take years, years to recover from."
The Senate defeated the amendment, however. Democrats said it would strip away protections for child migrants and rob American farmers of needed workers.
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