Debt ceiling bill passes Senate, President Biden hails it as a big victory

The US Senate has just passed a bill to raise the government's debt ceiling of $31.4 trillion, preventing the prospect of the first default in the history of the world's leading economy , according to Reuters news agency.

Specifically, on the evening of June 1 (US time), with a ratio of 63-36, Senate members approved the proposal to increase the debt ceiling, which was passed by the House of Representatives the day before. With consensus from both houses, the last step that lawmakers need to do is to send the bill to President Joe Biden's desk for him to sign into law before June 5, CNN reported.

Dự luật trần nợ vượt ải Thượng viện, Mỹ 'thở phào nhẹ nhõm' - Ảnh 1. — US Senate Democratic Leader Chuck Schumer during a meeting on May 31 in the Senate

Under the new bill, the statutory limit on federal borrowing would be suspended until January 1, 2025. The bill would also limit some U.S. government spending for the next two years, speed up permitting for some energy projects, recover unused Covid-19 funds and expand work requirements for food aid programs to additional recipients.

The US Treasury Department has warned that the country is running out of cash and will default if it cannot pay all its bills by June 5, unless Congress acts.

In a speech on the evening of June 1, Senate Majority Leader Chuck Schumer said that "America can breathe a sigh of relief." Earlier, Mr. Schumer and Mr. Mitch McConnell, the minority leader in the Senate, pledged to do everything possible to speed up the progress of the bill reached by US President Joe Biden and House Speaker Kevin McCarthy after many rounds of negotiations.

President Joe Biden has just commented after the Senate's move, calling this a big victory. He said he would sign the bill into law as soon as possible, according to AFP.

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