The Senate voted Thursday night to raise the limit of how much money the federal government can borrow to pay its bills. The measure, which passed in a 63-36 vote after receiving bipartisan support from the House Wednesday, will be sent to President Biden to sign into law.
Debt ceiling vote results
Both Senate Majority Leader Charles E. Schumer (D-N.Y.) and Senate Minority Leader Mitch McConnell (R-Ky.) urged senators to pass the bill.
“Time is a luxury the Senate does not have if we want to prevent default,” Schumer said during floor remarks. Biden must sign the legislation before Monday — the day the government would default on its debt without an extended borrowing cap.
While several senators pressed for amendment votes Thursday night, none sought to derail the legislation.
“This budget agreement is a bipartisan compromise. Neither side got everything it wanted,” Biden said after the House approved the bill. “I have been clear that the only path forward is a bipartisan compromise that can earn the support of both parties. This agreement meets that test.”
John Wagner contributed to this report.
