A bipartisan bill that would suspend the debt ceiling through January 2025 and reduce federal spending is now headed to President Joe Biden’s desk for his signature after the Senate passed the measure on Thursday in a 63-36 vote, The Wall Street Journal reported Friday.
The proposed Fiscal Responsibility Act would impose a 3 percent limit on increases for military spending in fiscal year 2024, increase the age of individuals who must work to get food assistance and accelerate energy and infrastructure projects.
The passage of the bill in the upper chamber came a day after the House voted 314-117 to approve the measure and several days ahead of the June 5 deadline, when Treasury Secretary Janet Yellen has said the government could default on its obligations if Congress fails to raise or suspend the debt ceiling.
Biden said the legislation protects the key pillars of his Investing in America agenda, safeguards programs such as Medicare, Medicaid and Social Security and fully funds veterans’ medical care.
“No one gets everything they want in a negotiation, but make no mistake: this bipartisan agreement is a big win for our economy and the American people,” the president said in a statement published Thursday.
