The vote was 63 to 36.
President Joe Biden is expected to sign the bill well ahead of Monday's debt ceiling deadline.
The bill will extend the debt ceiling for two years.
This would avert the Federal government from going into default, and prevent a downgrade of America's credit rating.
If the debt ceiling bill did not pass then the U.S. Treasury does not have the ability to pay its obligations. This would have a huge negative impact on the economy and risk triggering a deep recession.
[link] [comments] https://www.reddit.com/r/stocks/comments/13y1etv/senate_passes_debt_ceiling_bill/
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