Debt ceiling compromise bill passes Senate, causing Republican backlash.
TL;DR Summary
The Senate has passed a bipartisan legislation to lift the debt ceiling, just days before the deadline for the nation to face financial default. The bill includes new spending limits in exchange for increasing the debt ceiling for two years. Senate Majority Leader Chuck Schumer celebrated the agreement and warned that any change to the bill that forces it to be sent back to the House would be entirely unacceptable. The legislation was the result of high-stakes negotiations between President Biden and House Speaker Kevin McCarthy ahead of a debt default.
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- Opinion: The biggest lesson from the debt ceiling fight CNN
- Kevin McCarthy’s debt ceiling triumph has Republican hardliners seething MSNBC
- Opinion | Biden is delivering on his most far-fetched pledge: Compromise The Washington Post
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