The Senate voted to approve the bill, raising the debt ceiling for another two years , sending the law to President Joe Biden's desk just days before, how the US will potentially run out of money to pay its bills.
The final score was 63-36. opposed 17 Republicans and four Democrats. The House of Representatives approved the bill 314-117 Wednesday evening .
The congressional approval takes the U.S. full credibility and credit off the negotiating table until the next presidential election and gives markets an extended breather on the issue., which regularly threatens economic chaos.
concessions, necessary for the conclusion of the transaction, proved unpopular with some members on both sides of the aisle, which complicated efforts to push legislation through Congress before defaulting on US debt. Treasury Secretary Janet Yellen warned, that the default could happen as early as Monday.
The centerpiece of the pact, concluded by Biden and House Speaker Kevin McCarthy, is to limit federal spending. It saves the cost of 2024 year without changes and introduces new restrictions on 2025 year, without regard to social security, medical care or the armed forces. In return, the national borrowing limit has been increased until January 2025 of the year.
Legislation also increases job requirements, to qualify for food aid, what motivates people to look for work. The measure proved unpopular with progressive Democrats..
Some Republicans in the House of Representatives wanted, for deeper cost reductions, as proposed in a separate piece of legislation, adopted by GOP lawmakers in April. Senate Republicans worried differently: the law underfunded the army.
The bill does provide for an increase in defense spending by 3% in 2024 financial year and 1% in 2025 year, but Republican Senator Susan Collins said, that the increase in 1% is effectively equivalent to a decrease adjusted for inflation.
Majority Leader Chuck Schumer had to overcome those fears, and also vote for a series of 11 amendments, including an amendment by Virginia Democratic Senator Tim Kaine, opposing a gas pipeline project from West Virginia through his home state.
If any of these amendments were adopted, the bill would go back to the House of Representatives.
White House staff also called senators on a case-by-case basis Thursday.. His legislative affairs team contacted every Democratic office in the Senate about the vote..
"We can't send anything to the House of Representatives", Schumer told reporters on Thursday. "It could lead to default, simple and clear". House voted against all 11 amendments, before passing the bill and putting it on Biden's table.
