Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: For the first time, Prime Minister Netanyahu is signaling that he wants to end the war on Gaza
Israeli Channel 12, citing an American source: We want to have entered a path toward captive release and a ceasefire before Netanyahu arrives in Washington
Lebanese Ministry of Health: One martyr and two injured in the Israeli airstrike that targeted a motorcycle in the town of Mahrouna
Al Mayadeen correspondent to Southern Lebanon: An Israeli drone strike targeted a vehicle between the towns of Jwayya and Mahrouna.
Al Mayadeen's correspondent in South Lebanon: One martyred in the Israeli drone strike on a car in the town of Kawnin
Al Mayadeen's correspondent in South Lebanon: Israeli drone targets a car in the town of Kawnin
Naeini: If our national interests are attacked again, our response this time will be stronger and more destructive
Naeini: The war has proven that the settlers are defenseless against Iranian missile and drone forces
Naeini: Trump lacks an understanding of the true strength of the Iranian people and is so deluded as to believe he can change the reality of Iran's victory
Naeini: The defeat led to Trump's confusion and loss of balance, which was reflected in his ill-considered statements

US Senate approves debt ceiling bill, narrowly dodging default

  • By Al Mayadeen English
  • Source: Agencies
  • 2 Jun 2023 09:11
4 Min Read

The debt ceiling bill has passed the US Senate after months-long deliberations culminated in it passing both chambers of Congress.

  • x
  • Senate Majority Leader Chuck Schumer speaks to reporters at the Capitol in Washington, June 1, 2023 (AP)
    Senate Majority Leader Chuck Schumer speaks to reporters at the Capitol in Washington, June 1, 2023. (AP)

The United States Senate passed Friday the long-awaited bill suspending the debt ceiling with bipartisan support after the bill passed the House on Thursday, allowing the country to avert a default whose repercussions would have been felt worldwide.

The bill suspending the $31.4 trillion debt ceiling passed the Senate with 63-36 votes, with lawmakers trying to bridge the gap that allows the legislation to advance to President Joe Biden's Oval Office for him to sign it into law.

The bill passed the House 314-117. The deal reached between the president and the Speaker was opposed by 71 hardline Republicans, but it was backed by 165 out of the House's 213 Democrats and 149 of the House's Republicans.

The agreed-upon bill suspends the debt ceiling, essentially the government's borrowing limit, through January 1, 2025.

"We are avoiding default tonight," Senate Majority Leader Chuck Schumer said.

US Credit must never be used as bargaining chip: Yellen

Biden praised Congress for passing the bill in a timely manner, as the US had less than 72 hours left before a debt default.

"This bipartisan agreement is a big win for our economy and the American people," the US leader said, noting that he would sign the bill into law as soon as possible.

"In the coming months, Senate Republicans will continue working to provide for the common defense and control Washington Democrats’ reckless spending," Senate Republican Leader Mitch McConnell said in a statement.

Related News

G7 exempts US multinationals from global minimum tax rules

Netanyahu allegedly signals readiness to end Gaza war in first

McConnell was referring to 12 bills Congress will work on over the summer to fund government programs in the fiscal year beginning October 1.

"I continue to strongly believe that the full faith and credit of the United States must never be used as a bargaining chip," as Republicans did over the past several months, Treasury Secretary Janet Yellen said, meanwhile.

Ahead of the final vote, Senators looked into over 10 amendments before striking them down.

This comes after a long period of uncertainty regarding the future of the country's debt situation after deliberations on raising the debt ceiling were postponed countless times due to diverging points of view.

Biden said last week that the country was on the verge of resolving the debt ceiling issue that has been stocking concerns about the US defaulting on its debt, assuring the public regarding the then-looming crisis.

Moreover, US Treasury Secretary Janet Yellen said the country would be defaulting on its debt on June 5 unless a deal is reached before then, saying the US had very few days before running out of money.

Read next: Biden, McCarthy debt talks end with no deal in sight

Media previously claimed that the deal taking shape would include an agreement extending the government's borrowing authority for two more years, i.e., the status quo would not repeat itself before the upcoming 2024 presidential election.

The bill passing caps some government spending until the deadline while also speeding up the permitting process of set energy projects, reclaiming funds allocated for COVID-19 relief that went unused, and expanding work requirements for food aid programs to additional recipients.

The legislation was opposed by hardline Republicans because they sought further cuts - the bill would result in $1.5 trillion in savings over a decade, below the $4.8 trillion that the GOP wants - while progressive Democrats opposed it for numerous reasons, such as new work requirements from certain federal programs aimed at tackling poverty.

Read more: US debt ceiling maintains defense spending, edits welfare requirements

  • United States
  • Congress
  • Chuck Schumer
  • debt ceiling
  • Kevin McCarthy
  • Senate
  • Janet Yellen
  • House of Representatives
  • Joe Biden
  • white house

Most Read

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025
Iranian worshippers carry their country's flags in a protest to condemn Israeli attacks on multiple cities across Iran, after the Friday prayers ceremony in Tehran, Iran, Friday, June 20, 2025. (AP)

Iran warns of NPT withdrawal, Strait of Hormuz closure after US attack

  • Politics
  • 22 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
In this June, 12, 2021, file photo, former Secretary of Iran's Supreme National Security Council Ali Shamkhani sits in a meeting in Tehran, Iran.
Politics

Iran strategically foiled Israeli-US scheme, Advisor Shamkhani says

Sheikh Naim
MENA

Let no one think they can subjugate Hezbollah: Sheikh Qassem

Screengrab from a video published by the al-Qassam Brigades shows confrontations with the Israeli occupation forces in Gaza, undated (Al-Qassam Brigades Military Media)
Politics

Al-Qassam releases video of deadly ambush with Israeli forces in Gaza

International Atomic Energy Agency (IAEA) Director General, Rafael Grossi, attends an IAEA Board of Governors meeting in Vienna, Austria, Monday, June 23, 2025 (AP)
Politics

Iran bars IAEA chief Grossi from nuclear facility inspections

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS