Debt ceiling deal passed by Senate, avoiding default and causing political tension.

The Senate has passed legislation to lift the nation's debt ceiling, avoiding an economically disastrous default just days before the deadline. The bill will now go to President Joe Biden's desk for his signature. The Fiscal Responsibility Act will raise the $31.4 trillion debt limit through Jan. 1, 2025, while also implementing some caps on government spending and policy changes. The compromise legislation was met with opposition from wings of both parties but has now passed both chambers with bipartisan support. The bill will reduce the deficit by $1.5 trillion over the next decade.