What’s Next After Senate Passes Debt Ceiling Bill

Senate Majority Leader Charles E. Schumer (D-N.Y.) speaks to the press after meeting President Joe Biden and other leaders at the White House in Washington on May 16, 2023. Madalina Vasiliu/The Epoch Times

The U.S. Senate passed the debt ceiling agreement—the Fiscal Responsibility Act—with a vote of 63-36, preventing the nation’s first-ever default. The bill will now head to President Joe Biden’s desk for signing.

The agreement, crafted by Biden, House Speaker Kevin McCarthy (R-Calif.), and their teams of negotiators, suspends the debt limit through Jan. 1, 2025, and imposes caps on defense and non-defense discretionary spending enforced by sequestration.