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On Friday, as the US president prepared to address the country and hailed “a big win for our economy and the American people,” the bipartisan agreement to resolve the US debt ceiling problem was on its way to Joe Biden’s desk. The law was passed only days before a catastrophic and historic default.

Late on Thursday, the US Senate approved the compromise bill that Vice President Biden and House Speaker Kevin McCarthy negotiated.

Biden stated that neither the Republicans nor the Democrats are completely satisfied with the result. But the decision, reached after weeks of agonising discussions, puts the contentious debt ceiling problem on hold until 2025, following the following presidential election.

No one ever gets all they want in a negotiation, but this bipartisan deal is undoubtedly a significant victory for our economy.

After the Senate voted 63 to 36 to approve the agreement reached between Biden and McCarthy last Saturday, which was approved by the House on Wednesday, Biden tweeted, “…and the American people.”

A protracted day that stretched into the night, during which legislators spent hours debating changes to the legislation, was concluded by the Senate’s final vote. There was not enough support for any of the 11 suggested modifications to be incorporated into the original measure.

Republicans in the Senate submitted a number of the changes because they felt the House-passed debt ceiling agreement did not go far enough in reducing federal spending.

After the vote, Senate Majority Leader and Democrat Chuck Schumer remarked, “Tonight’s vote is a good outcome because Democrats did a very good job taking the worst parts of the Republican plan off the table.”

McCarthy was successful in pushing for a revision to the job requirements for the Supplemental Nutrition Assistance and Temporary Assistance for Needy Families Programmes as part of the bill’s talks. 31 Republican senators criticised the revisions as being inadequate, echoing the 71 House Republicans who had opposed the package the day before.

Republican Mitch McConnell, the Senate minority leader, backed the package even though he noted that Congress must take more measures to address the federal government’s debt of more than $31tn.

The accelerated approval of the contentious Mountain Valley natural gas pipeline was one of the measures in the package that Senate Democrats pushed against. The pipeline clause was included in the underlying debt ceiling bill, but Virginia senator Tim Kaine’s amendment to remove it failed along with the other 10 proposed modifications.

McCarthy forced Biden’s White House to the negotiation table to reach a deal that imposes spending reductions targeted at reducing the nation’s deficits by rejecting a once-routine vote to accept a debt ceiling increase without compromises.

“The fact remains that the House majority never should have put us at risk of a disastrous, self-inflicted default in the first place,” said Democratic Senator Chris Coons. “We ought to stop

prevent our nation from being pushed to the brink of default by preventing the debt ceiling from being utilised as a political hostage.

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