Washington – : In a significant move, the US Senate has successfully passed the Federal Expenditure and Debt Limit Bill, securing the nation’s ability to avoid defaulting on its debt obligations. The Senate approved the bill on Thursday night, with a majority vote of 63 to 36, subsequently sending it to President Joe Biden for his signature.
Negotiations between President Biden and House Speaker Kevin McCarthy have been ongoing for several weeks, with the objective of reaching a consensus on the debt ceiling matter. The approved bill extends the US debt ceiling for a two-year period, accompanied by a series of limited fiscal reforms. These reforms involve the reallocation of unused COVID-19 funds and the cancellation of certain funding allocated to the Internal Revenue Service.
Earlier, the House of Representatives, also known as the lower house, passed the bill on Wednesday night, with an overwhelming vote of 314 to 117. The timely passage of this bill holds significant importance, as the Treasury Department had previously highlighted that failing to raise the debt ceiling by the designated deadline of June 5 would have exposed the US to the risk of defaulting on its financial obligations.
By successfully navigating the passage of the Federal Expenditure and Debt Limit Bill through the Senate, the US has mitigated the immediate threat of default, ensuring the nation’s continued financial stability. The bill’s implementation reflects a cooperative effort between branches of the government, striving to safeguard the economic well-being of the United States.