US Senate Passes Bill to Raise Debt Ceiling, Sending to Biden’s Desk

The U.S. Senate passed the bill late Thursday to raise the debt ceiling for two years, sending the legislation to President Joe Biden’s desk for final approval before the deadline on Monday.

The bill received approval votes of 63-36 from 100 Senate, slightly above the chamber’s 60-vote threshold but still enough support to be sent to Biden. The House and Senate-approved bill is expected to be signed by Biden Friday.

This would mark the end of months of back and forth between Speaker of the House Kevin McCarthy and the President himself.

The extension of the debt ceiling for two years comes with a cap on government spending for the same duration.