Senate passes debt ceiling deal, staving off default

Before Monday's deadline, the Senate lifted the debt ceiling on Thursday night to avoid an economic disaster.

Final vote: 63-36. President Joe Biden will sign the law next.

Biden called the Senate budget accord vote a "big win" for the economy.

"Together, they demonstrated once more that America is a nation that pays its bills and meets its obligations -- and always will," Biden said of the bipartisan vote. 

I congratulate Leaders Schumer and McConnell for passing the bill expeditiously."

"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.

Biden said he hopes to sign the law soon and address the nation Friday.

Schumer declared the debt limit compromise a Democratic win late Thursday night.

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