U.S. Senate Approves "Debt Ceiling" Bill

The U.S. Senate approved a bipartisan legislation on Thursday to raise the government's debt ceiling of $31.4 trillion, supported by President Joe Biden, to avoid what could have been the first default. The Senate voted 63 to 36 in favor of the bill, which was passed by the House of Representatives on Wednesday, as lawmakers raced against the clock after months of partisan wrangling between Democrats and Republicans. The U.S. Treasury warned that it would not be able to meet all its payments by June 5 if Congress did not act by then. Under this legislation, the federal borrowing limit is set to be suspended until January 1, 2025.