The Senate gave final approval late Thursday to a debt ceiling and budget cuts package, grinding into the night to wrap up work on the bipartisan deal and send it to President Joe Biden’s desk to become law before the fast-approaching deadline.
Associated PressThank you for supporting our journalism. This article is available exclusively for our subscribers, who help fund our work at the Chicago Tribune.The Capitol is illuminated as the Senate worked into the night to finish votes on amendments on the big debt ceiling and budget cuts package, at the Capitol in Washington, Thursday evening, June 1, 2023.
Senate Majority Leader Chuck Schumer said the bill’s passage means “America can breathe a sigh of relief.”Fast action was vital if Washington hoped to meet next Monday’s deadline, when Treasury has said the U.S. will start running short of cash to pay its bills, risking a devastating default. Raising the nation’s debt limit, now $31.4 trillion, would ensure Treasury could borrow to pay already incurred U.S. debts.
Overall, the 99-page bill restricts spending for the next two years, suspends the debt ceiling into January 2025 and changes some policies, including imposing new work requirements for older Americans receiving food aid and greenlighting an Appalachian natural gas line that many Democrats oppose. Touting its budget cuts, McConnell said Thursday, “The Senate has a chance to make that important progress a reality.”Having remained largely on the sidelines during much of the Biden-McCarthy negotiations, several senators insisted on debate over their ideas to reshape the package. But making any changes at this stage would almost certainly derail the compromise and none were approved.
Defense hawks led by Sen. Lindsey Graham of South Carolina complained strongly that military spending, though boosted in the deal, was not enough to keep pace with inflation — particularly as they eye supplemental spending that will be needed this summer to support Ukraine against the war waged by Russian President Vladimir Putin.
Tensions had run high in the House the night before as hard-right Republicans refused the deal. Ominously, the conservatives warned of possibly trying to oust McCarthy over the issue.
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