In an urgent move against a looming U.S. default, the Senate has passed a compromise package on the debt ceiling and budget cuts late Thursday, sending it to President Biden’s desk for final approval.
The bipartisan deal brokered between Biden and House Speaker Kevin McCarthy pushes the explosive debt ceiling issue beyond the next presidential election to 2025, stabilizing both the U.S. and global economy for the short term.
Though neither Democrats nor Republicans are entirely satisfied, the bill passed with a bipartisan vote of 63-36 in the Senate. The agreement, a result of weeks of intense budget negotiations, demonstrates the new dynamics of a divided government in Washington.
The legislation, totaling 99 pages, outlines spending restrictions for the next two years while enabling the Treasury to borrow beyond the current $31.4 trillion debt limit to cover existing U.S. debt. It also imposes several policy changes and forces spending cutbacks aimed at curbing the nation’s deficits.
Click play to listen to the report from AURN White House Correspondent Ebony McMorris. For more news, follow @E_N_McMorris & @aurnonline.
