The Treasury Department had warned that the country would start running short of cash to pay all of its bills on Monday, a development that would have sent shockwaves through the U.S. and global economies.
The legislation was passed by the Senate late Thursday night after being approved by the House the previous night. Biden is expected to sign the measure on Saturday.
President Joe Biden will address the nation Friday evening from the Oval Office on the budget deal that lifts the federal debt limit and averts a U.S. government default.
The votes on raising the nation’s debt ceiling fell along party lines among the downstate Illinois congressional delegation.
Rep. Mary Miller (R-IL15) says she will not support the debt ceiling deal negotiated by President Biden and House Speaker McCarthy.
A source familiar with the deal says it would keep non-defense spending roughly flat in the 2024 fiscal year and increase it by 1% the following year, as well as provide for a two-year debt-limit increase.
An upbeat President Joe Biden says a deal to resolve the government’s debt ceiling crisis seems “very close.”
Over 75 percent of Illinois students with disabilities would see reduced supports, according to the US Department of Education.