The US Senate on Thursday night 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.
The Senate voted 63 to 36 to approve the bill that was passed on Wednesday by the House of Representatives, as lawmakers raced against the clock following months of partisan bickering between Democrats and Republicans.
The Treasury Department had warned it would be unable to pay all its bills on June 5 if Congress failed to act by then.
Senate Majority Leader Chuck Schumer steered the legislation through his 100-member chamber.
Before the vote, senators tore through nearly a dozen amendments - rejecting all of them - before the final vote sending the bill to Mr. Biden for signing into law before Monday's deadline.
With this legislation, the statutory limit on federal borrowing will be suspended until January 1, 2025.
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