The US Senate has passed legislation to raise the government’s $31.4 trillion debt ceiling, just days before what would have been a historic, first-ever default.
“We are avoiding default tonight,” Senate Majority Leader Chuck Schumer said as he steered the legislation through his 100-member chamber. He added: “America can breathe a sigh of relief.”on Wednesday in a 314-117 vote.
The Treasury Department had warned it would be unable to pay all its bills on 5 June if Congress failed to act by then. The new legislation will suspend the statutory limit on federal borrowing until 1 January 2025.
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