U.S. Senate OKs debt ceiling bill, sends it to Biden for signature

The U.S. Senate approved a bipartisan bill to suspend the government’s borrowing limit late Thursday, sending the legislation to President Joe Biden for his signature and averting an economically disastrous default.

The passage came a day after the House of Representatives, narrowly controlled by Republicans, voted 314-117 ahead of the so-called “X-date” on Monday, when the Treasury Department had said it would run out of money to pay all of its bills on time.

After weeks of tense negotiations, Biden will sign the bill into law and suspend the $31.4 trillion limit through Jan. 1, 2025, enablin...