The bipartisan measure, passed by the House on Wednesday and the Senate on Thursday, averts the potential of an unprecedented government default that would have rocked the U.S. and global economies. Raising the nation's debt limit, now at $31.4 trillion, will ensure that the government can borrow to pay debts already incurred.
"No one got everything they wanted, but the American people got what they needed," Biden said, highlighting the "compromise and consensus" in the deal. "We averted an economic crisis and an economic collapse." Even as he pledged to continue working with Republicans, Biden also drew contrasts with the opposing party, particularly when it comes to raising taxes on the wealthy, something the Democratic president has sought."I'm going to be coming back," he said. "With your help, I'm going to win."
In this image from Senate Television, the final vote of 63-36 shows passage of the bill to raise the debt ceiling Thursday night, June 1, 2023, in the Senate at the Capitol in Washington. President Joe Biden is expected to quickly sign the bill that will stave off default.