The United States government can finally breathe a sigh of relief after the Senate passed a bill to raise the debt ceiling to prevent the country from defaulting.
The measure came a day after the House of Representatives gave its approval, and it can now go straight to President Joe Biden to be signed into law.
By a vote of 63-36, lawmakers in the Senate agreed to suspend the national debt limit until January 1, 2025.
Following the move, President Biden praised Congress for the effort and expressed his eagerness to sign the bill, called the Fiscal Responsibility Act of 2023.
He is scheduled to speak at 7am (Malaysian time) on Saturday on the bill.
Meanwhile, Senate Majority Leader Chuck Schumer said America can breathe a sigh of relief because in the process, they managed to avoid a 'default'.
America has been in a deadlock since the beginning of this year due to concerns that the debt ceiling could not be raised before June 1 which could eventually cause the country to default and affect the economy as a whole.
