In a significant bipartisan move, the U.S. Congress has approved legislation to lift the government's $31.4 trillion debt ceiling. This crucial step averts the possibility of a

historic and unprecedented default, as reported by Reuters.

The Senate voted 63-36 in favor of the bill, following the House of Representatives' approval on May 31. The lawmakers worked against the clock after months of partisan disagreements between Democrats and Republicans.

The Treasury Department had issued a warning that it would be unable to fulfill all financial obligations by June 5 if Congress failed to take action. Prior to the vote, senators deliberated on nearly a dozen amendments, ultimately rejecting all of them. The bill was then sent for President Joe Biden's signature into law before the June 5 deadline.

This legislation effectively suspends the statutory limit on federal borrowing until January 1, 2025. It provides crucial breathing room and ensures the government's ability to meet its financial commitments. Photo by Bjoertvedt, Wikimedia commons.