US President Joe Biden said, following the passing of the federal spending and debt limit bill in the Senate, that he was looking forward to signing it "as soon as possible" and addressing the American people on Friday.
US Debt-Ceiling Crisis
The debt ceiling deal was negotiated by Biden and House Speaker Kevin McCarthy over the last several weeks. It raises the US debt ceiling for two years in exchange for limited fiscal reforms, such as reclaiming unspent COVID recovery funds and rescinding some Internal Revenue Service funding.
The House of Representatives passed the bill on Wednesday night with a 314-117 vote.
The United States risked defaulting on its financial obligations as soon as June 5 if Congress failed to pass legislation to raise the debt ceiling, according to the Treasury Department.