U.S. Avoids Debt Default as Congress Passes Fiscal Plan
- Bill goes to Obama for his signature before Nov. 3 deadline
- Agreement ends month of turmoil for House Republicans
Senate Majority Leader Mitch McConnell listens to a question during a news conference at the U.S. Capitol on Oct. 27, 2015.
Photographer: Andrew Harrer/BloombergCongress passed a two-year bipartisan budget plan that avoids a default on U.S. debt, increases spending on domestic and defense programs and ends months of turmoil among House Republicans.
The 64-35 Senate vote early Friday, following House passage two days earlier, sends President Barack Obama a bill that will extend U.S. borrowing authority until March 2017, after he leaves office. The agreement likely frees Obama of protracted fiscal battles with congressional Republicans for the rest of his term. It also means House Speaker Paul Ryan, a Wisconsin Republican, won’t have to deal with a fight that helped drive his predecessor from office.