By Betul Yuruk
NEW YORK (AA) - The US Senate passed the debt ceiling bill late Thursday, averting a first-ever catastrophic default on the nation’s debt before a June 5 deadline.
The Senate voted 63-36 to approve the legislation.
The bill, which suspends the $31.4 trillion cap on the federal government's borrowing limit through January 2025, can now go to President Joe Biden to be signed into law.
The debt limit was hit in January, but the Treasury Department has taken steps to ensure that the US continues to pay its bills.