Senate passes debt ceiling bill just in time before expected default

The Senate passed legislation negotiated by President Joe Biden and Speaker Kevin McCarthy (R-CA) to suspend the debt ceiling and set federal spending limits with just enough support to pull the nation back from the brink of economic catastrophe days from Monday’s deadline when the Treasury has said the United States will start running short of cash to pay its bills.

The Senate passed the bill 63-36 despite defections among liberal and conservative senators. Those on both sides of the aisle were unhappy with the overall agreement. A group of Republican defense hawks raised objections to Pentagon funding levels that they said were too low. Progressive discontent was also evident too, with several objecting to the new work requirements for older people in the food aid program, changes to the National Environmental Policy Act, and approval of the Mountain Valley Pipeline natural gas project.

Some last-minute drama unfolded Thursday afternoon ahead of the final passage. One issue was the budget deal’s defense spending number, which would lock in defense spending to $886 billion over the next two years. Spending on defense and nondefense will be slashed by 1% if Congress is unable to pass a comprehensive spending bill by the end of the year.