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Senate Passes Debt Limit Bill, Staving Off a Calamitous Default [1]

['Carl Hulse']

Date: 2023-06-01

After weeks of political impasse, tense negotiations and mounting economic anxiety, the Senate gave final approval on Thursday night to bipartisan legislation suspending the debt limit and imposing new spending caps, sending it to President Biden and ending the possibility of a calamitous government default.

The approval by the Senate on a 63-to-36 vote brought to a close a political showdown that began brewing as soon as Republicans narrowly won the House in November, promising to use their new majority and the threat of a default to try to extract spending and policy concessions from Mr. Biden.

The president refused for months to engage with Speaker Kevin McCarthy but finally did so after the California Republican managed in April to pass a G.O.P. fiscal plan, spurring negotiations with the White House that produced the compromise last weekend.

On Thursday night, Mr. Biden cheered its passage, promising to sign it as soon as possible and address the nation from the Oval Office on Friday evening.

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[1] Url: https://www.nytimes.com/2023/06/01/us/politics/debt-limit-senate.html

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