(Al Jazeera Media Network) The United States Senate has voted to approve a bipartisan deal that would increase the country’s debt ceiling, clearing the bill’s last major hurdle before it reaches the desk of President Joe Biden.
With Biden expected to sign the newly passed bill, Thursday’s decision is set to avert economic catastrophe, with the U.S. due to default on its debt on June 5.
Senators voted 63 to 36 in favour of the legislation, which was hashed out in often late-night negotiations between teams representing the Democratic Biden and Republican House Speaker Kevin McCarthy – two figures often at odds – last weekend.
It was passed by the House of Representatives on Wednesday.
Biden welcomed the bill’s approval as a “big win” for the country and the economy.
He said he planned to sign it as soon as possible and would address the American people directly on Friday.