The United States Senate passed the legislation to raise the debt ceiling of the country on Thursday night and they did their part to avert the default that could have resulted in a massive economic crisis not only in the country but all across the globe.
The decision from the Senate has arrived just days before the deadline, which is Monday as instructed by the Secretary of the Treasury.
The final vote regarding the legislation to raise the debt ceiling of the nation was 63-36. The legislation passed by the Senate will now be brought to President Joe Biden’s desk in order to be signed.
Following the approval of the legislation from the Senate, President Joe Biden stated that the decision was a big win for the economy. One of the most notable things about the historic voting was the bipartisan nature of the vote.
Taking this feature of the vote into consideration. President Joe Biden said that they have once again shown that the United States is a country that pays its bills and keeps its promises, and that this will always be the case.
During his statement, Joe Biden extended his thanks to leaders like Chuck Schummer and Mitch McConnell for passing the bill within such a short time period.
Biden ended his statement by saying that not everyone gets what they want in negotiation but he also added that there is no mistake in considering this bipartisan voting a big win for the economy and the people of America alike.
He also said that he was looking forward to signing the bill as soon as possible. Biden expected to talk to the people of America directly on Friday.
According to Chuck Schumer, the bill regarding the debt ceiling of the country was a big win for the Democrats too.
She gave the statement to support this view on Thursday night after the Senate approved the bill.
In his statement that he gave to the media on Thursday, Schummer said that default was a giant sword that was hanging over America’s head, and he thanked the good work carried out by the President and other Democrats, both in the House and Senate for their work in order to avoid defaulting.
The statement of Chuck Schummer came after a statement by the speaker of the House of Representatives, Kevin McCarthy who made aggressive efforts to cast the bill as a victory for the GOP.
Schumer was very clever in calling out the claims made by McCarthy by pointing out the shares of the votes that the bill received from the House and the Senate.
It is clear from the shares of votes that the majority of the votes are from the Democratic party members than from the Republican members.
Schummer also stated that there were more votes from the Democratic leaders because the bill was against some of the worst agendas put forward by the Republican Party.
The newly passed bill from the House and the Senate is the final product of weeks of discussions between President Joe Biden and the House of Representatives Speaker Kevin McCarthy.
The most notable feature of the bill is regarding the debt ceiling of the country which will be raised through January 1, 2025. The bill will also make a few major changes and implement some caps on government spending and policy changes.
While the Republican member is touting the spring cuts that are mentioned in the bill, the White House argues that it was able to protect different priorities of the Democratic party like Medicare and Social Security along with other Biden-backed programs.
Even though the legislation passed both the House and the Senate. There was different opposition to the legislation during its formation.
Hardline Republicans and progressive democrats were strongly against the legislation but with the support of bipartisan votes, the bill has passed both the House and the Senate and has helped to avert the default, thereby saving the country from a severe economic crisis.
A possible default could have resulted in the loss of millions of jobs and also would have triggered a recession.
The House of Representatives passed the bill with a vote share of 314-117 and it can be seen as a major win for Kevin McCarthy as the speaker of the House. Following the voting and taking his victory lap after the voting.
McCarthy said that he wanted to make history and do something that no other Congress has ever done. The lawmakers were very much concerned about getting the bill past the line as the deadline given by the Secretary of the Treasury was closing in.
According to Janet Yellen, the United States Treasury could run out of money to pay the bill as early as Monday, June 5. The Senate was also very curious about getting the bill across the finish line and avoided any kind of Filibuster and the passage of amendments to take care of the bill.