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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.

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.

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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