The US Senate voted 63-36 to approve the debt ceiling bill, shortly after it was passed by the US House of Representatives last Wednesday.
The US Capitol Building in Washington. Photo: Reuters
The US Treasury has warned that it will not be able to pay all its bills by June 5 if Congress does not act before then. "We are avoiding a default tonight," Senate Majority Leader Chuck Schumer said on Thursday.
President Biden praised the timely action of the US Congress. “This bipartisan agreement is a major victory for our economy and the American people,” he added, adding that he would sign it into law as soon as possible.
Unlike most other developed countries, the US limits the amount of debt its government can borrow. “America can breathe a sigh of relief,” Schumer said in his speech to the Senate.
The last time the US came this close to default was in 2011. That impasse hit financial markets, led to the first-ever US credit rating downgrade and pushed up the country's borrowing costs.
Mai Anh (according to Reuters)
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