OAN’s Sophia Flores
2:05 PM – Friday, June 2, 2023
The Senate has passed the Debt Ceiling deal between Speaker of the House Kevin McCarthy and President Joe Biden.
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On Thursday night, the Senate voted to pass the deal in a 63-36 vote. Nearly all of the Democrats and few Republicans had voted ‘yea’ on the bill. The bipartisan bill called The Fiscal Responsibility Act was created to lift the $31.4 trillion debt ceiling until 2025. It will also implement new federal spending cuts, such as resending funding provided to the IRS.
Prior to the result, the United States Treasury had warned that the country would run out of money by June 5th if Congress failed to act. After the vote, the first-ever U.S. default was averted just a day ahead of the deadline. The current U.S. debt is over $31 trillion.
Senate Majority Leader Chuck Schumer (D-N.Y.) shared his content with the result on Twitter.
Earlier in the week, the House of Representatives passed the bill in a 314-117 vote.
It will now head to Biden’s desk where it is expected to be signed into law as soon as possible.
“This bipartisan agreement is a big win for our economy and the American people,” the president said.
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