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US Senate approves debt ceiling bill

A total of 63 members of the upper chamber of the US Congress voted in favor of the document, 36 voted against

WASHINGTON, June 2. /TASS/. The bill to raise the US federal debt ceiling got enough votes to be approved by the Senate of the US Congress on Thursday, according to a live broadcast by C-SPAN.

A total of 63 members of the upper chamber of the US Congress voted in favor of the document, 36 voted against. The chairperson of the hearings declared the bill to be passed.

On Wednesday evening, the bill was approved by the US House of Representatives.

Now, the document is to be signed by US President Joe Biden. The American leader previously called on both houses of Congress to approve the initiative.

Late last week, the White House and Republicans in Congress reached an agreement to raise the US national debt ceiling until January 1, 2025. The bill agreed by the parties provides that in fiscal year 2024, $886 billion will be allocated for defense, $121 billion for veterans' medical care, and $637 billion for other non-defense programs.

In January, the United States exceeded the legally set debt ceiling of $31.4 trillion. After that, the US Treasury had to use emergency measures to stay afloat. In recent months, the US administration has called on Congress to raise the national debt ceiling.

Republicans, who control the House of Representatives, agreed to raise the debt ceiling, but only on the condition that government spending would be significantly cut. The White House subsequently rejected these demands, saying that it was ready to discuss spending cuts, but lawmakers should raise the debt ceiling without any conditions.

US Treasury Secretary Janet Yellen warned Congress that June 5 was the deadline for the debt ceiling to be raised. If Congress fails to raise the debt ceiling, the US faces a potential economic and financial catastrophe, Yellen noted. Biden and Republican leaders in Congress have agreed to hold regular consultations to keep this from happening.