<p>The Senate passed bipartisan legislation Thursday night that aims to avert a U.S. <a href="https://www.dailywire.com/topic/debt-ceiling" target="_blank" rel="noopener">debt default</a>.</p>
<p>After a series of amendments failed, the upper chamber voted 63-36 to send <a href="https://rules.house.gov/bill/118/hr-fiscal-responsibility-act" target="_blank" rel="noopener">The Fiscal Responsibility Act</a> to the White House where President Joe Biden is expected to sign the bill. Senate leaders quickly lauded the bill&#8217;s passage while taking shots at each other&#8217;s party.</p>
<p>&#8220;We prevented a catastrophic default that would have decimated our economy and [inflicted] immense pain on families,&#8221; <a href="https://twitter.com/SenSchumer/status/1664470685224140801" target="_blank" rel="noopener">tweeted</a> Senate Majority Leader Chuck Schumer (D-NY). &#8220;We preserved the lion’s share of the historic investments we made. We took off the table the worst parts of the MAGA Republican plan that would have hurt families.&#8221;</p>
<p>Senate Minority Leader Mitch McConnell (R-KY) released a <a href="https://www.republicanleader.senate.gov/newsroom/press-releases/senate-passes-bipartisan-debt-limit-agreement-" target="_blank" rel="noopener">statement</a> that said: “Thanks to House Republicans’ efforts, the Fiscal Responsibility Act avoids the catastrophic consequences of default and begins to curb Washington Democrats’ addiction to reckless spending that grows our nation’s debt.&#8221;</p>
<p>The legislation, which arose out of an agreement struck between White House officials and Speaker <a href="https://www.dailywire.com/topic/kevin-mccarthy" target="_blank" rel="noopener">Kevin McCarthy</a> (R-CA), comes ahead of what has become known as the &#8220;X-date&#8221; on June 5, when Treasury Secretary Janet Yelen predicted reserves could run out.</p>
<p>The Treasury Department has been enacting “extraordinary measures” since earlier this year when the United States hit its statutory limit of roughly $31.4 trillion and warned of dire economic consequences if the country was unable to reach a deal to lift the debt ceiling.</p>
<p>The legislation <a href="https://www.nytimes.com/2023/05/29/business/debt-ceiling-agreement.html" target="_blank" rel="noopener">suspends the debt limit until January 2025</a> and implements restraints on spending that the Congressional Budget Office estimated would <a href="https://www.cbo.gov/system/files/2023-05/hr3746_Letter_McCarthy.pdf" target="_blank" rel="noopener">reduce budget deficits</a> by $1.5 trillion over the next decade. As noted by McConnell in his statement, the bill also begins &#8220;to reform the infrastructure permitting process, finally rescind unspent COVID dollars, and cut spending at the IRS.&#8221;</p>
<p>While the bill did receive a bipartisan consensus, as underscored by a <a href="https://www.dailywire.com/news/house-passes-mccarthy-biden-debt-ceiling-compromise-bill" target="_blank" rel="noopener">vote in the House on Wednesday</a> with more than 100 Republicans and Democrats each supporting the measure, there were detractors in both parties.</p>
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<p>Conservatives generally argued that the bill did not go far enough in reducing spending while leftist lawmakers pushed back on certain provisions, such as the <a href="https://thehill.com/homenews/house/4028920-progressives-vent-frustration-as-debt-limit-bill-nears-final-vote/" target="_blank" rel="noopener">expansion of some requirements for food stamps</a>.</p>
<p>&#8220;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,&#8221; Biden said in a statement Thursday evening.</p>
<p>The president said he looks forward to signing the bill into law &#8220;as soon as possible&#8221; and addressing the American people on Friday.</p>

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Senate Passes Debt Ceiling Bill To Avert Default Ahead Of ‘X-Date’