Debt-Limit Deal Clears Congress, Ending Threat of US Default
- Bipartisan compromise now heads to Biden for his signature
- Deal was a product of intense talks between Biden and McCarthy
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The Senate passed legislation to suspend the US debt ceiling and impose restraints on government spending through the 2024 election, ending a drama that threatened a global financial crisis.
The measure now goes to President Joe Biden, who forged the deal with House Speaker Kevin McCarthy and plans to sign it just days ahead of a looming US default.