The Treasury Department had warned that it would not be able to pay all of its bills by June 5 if Congress did not act by then.
“We will prevent default tonight,” Senate Majority Leader Chuck Schumer said Thursday as he led the legislation in his 100-member chamber.
Before the vote, senators considered nearly a dozen amendments – rejecting all of them – before the final vote that sent the bill to Biden for signing into law before a Monday deadline.
With this legislation, the legal limit of federal indebtedness will be suspended until January 1, 2025.