Biden signs debt limit bill after successful Senate passage.
The US Senate has passed a bipartisan agreement to raise the $31.4tn debt ceiling after the deal survived a Republican rebellion in the House of Representatives. The Fiscal Responsibility Act, which will also implement new federal spending cuts, cleared the lower chamber with 314 votes in favour and 117 against on Wednesday night. The Senate rejected 11 proposed amendments before passing the bill 63 for to 36 against. Majority leader Chuck Schumer will now send the bill to President Biden’s desk for his signature.