The Senate has recently passed a bill to lift the nation’s debt ceiling and prevent the country from facing an economically catastrophic default right before Monday’s deadline. The final vote was 63-36, and the bill is now on its way to President Joe Biden's desk for his signature. If the bill had not passed, it could have cost millions of jobs and triggered a recession. Senate Leader Chuck Schumer commended the debt limit deal as a significant Democratic victory late Thursday night during a press conference, just as the legislation was passed. As per the Congressional Budget Office, this bill will reduce the deficit by $1.5 trillion over the next decade.

Source: ABC News June 02, 2023 11:33 UTC