Senate OKs Debt Deal, Now It’s Biden’s Turn In Anticlimactic Finish

Senate OKs Debt Deal, Now It's Biden's Turn

  • The U.S. Senate on Thursday evening passed a compromise deal to suspend the debt ceiling until after the presidential election while capping the rate of spending growth in subsequent years.
  • The upper chamber endorsed the Fiscal Responsibility Act in a 63 to 36 vote. The House passed the bill on Wednesday in a 314-117 vote.
  • Preceding the final Senate passage were a series of votes on proposed amendments, none of which secured the necessary 60 votes to make it into the final bill.
  • Should the bill become law, it will suspend the debt ceiling until after the next presidential election, ensuring that the Treasury may borrow all the money it needs to pay the government’s bills. The new debt limit will be the level of debt accumulated when the suspension expires.