Senate passes bipartisan debt ceiling bill, sends to Biden’s desk
Fox News
The Senate passed a bill to raise the government's borrowing limit late Thursday night with just days to spare before the government was set to run out of money.
House lawmakers sent the bill to the Senate on Wednesday in a bipartisan 314-117 vote after weeks of intense negotiations between McCarthy and Biden. The Senate's inability to pass its own bill made it a bystander in those talks and gave senators no realistic option other than approving the deal. Elizabeth Elkind is a politics reporter for Fox News Digital.
The bipartisan deal suspends the debt limit with no cap through Jan. 1, 2025, cuts non-defense spending to near fiscal 2022 levels, caps spending increases at 1% the following year and sets non-mandatory caps for the four years after. It also claws back some money aimed at the Internal Revenue Service and some unspent COVID-19 pandemic funds.
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