BREAKING: U.S. Senate votes 63-36 to pass a bill that would extend the debt ceiling for two years, sending the measure to President Biden’s desk to be signed into law.
"America can breathe a sigh of relief. Because in this process we are avoiding default," said Senate Majority Leader Chuck Schumer, D-N.Y."The consequences of default would be catastrophic."
Senate Minority Leader Mitch McConnell, R-Ky., championed the bill as"an urgent and important step in the right direction — for the health of our economy and the future of our country."— a demand by various senators in exchange for agreeing to vote on the bill quickly; all of the amendments were shot down. That agreement allowed the Senate to skip a series of hurdles that could have, without unanimous consent, pushed the U.S. past the June 5 debt ceiling deadline.
Extending the debt ceiling doesn’t authorize new spending; it enables the U.S. to pay existing debts that both parties have accumulated over many years through demands for higher spending on domestic and military programs, as well as lower taxes. Once signed into law, the bill will cap spending for the next two years with a modest cut to non-military spending and a modest expansion in defense spending. It includes conservative measures to claw back about $28 billion in unspent Covid relief funds, eliminate $1.4 billion in IRS funding and overhaul the permitting process for energy projects.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Joe Biden won’: Lawrence on the President’s successful debt ceiling strategyThe pure guesswork MSNBC’s Lawrence O’Donnell offered last week about what President Biden was trying to achieve in debt ceiling negotiations turned out to be true now that Biden and Speaker Kevin McCarthy have reached an agreement.
Read more »
President Joe Biden falls on stage at Air Force Academy graduation in Colorado SpringsPresident Joe Biden turned to walk across the stage and tripped at the Air Force Academy Thursday afternoon, sparking looks of concern from onlookers there for the school’s annual graduation ceremo…
Read more »
Senate passes bill to repeal Biden’s student loan forgiveness programThe Senate voted Thursday to torpedo President Biden’s student debt relief program.
Read more »
Biden is losing the global semiconductor race'Without companies located in Taiwan, a country China covets, the U.S. preeminent position in AI would collapse. Unfortunately, Biden’s CHIPS Act promises about technology supremacy were hot political air.' -James Rogan
Read more »
Biden trips and falls on stage at Air Force graduation; White House says he's 'fine'President Joe Biden fell on stage at the U.S. Air Force Academy graduation on Thursday
Read more »