Posted BY: Jasmine | NwoReport
The Senate passed bipartisan legislation Thursday night that aims to avert a U.S. debt default.
After a series of amendments failed, the upper chamber voted 63-36 to send The Fiscal Responsibility Act to the White House where President Joe Biden is expected to sign the bill.
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Senate leaders quickly lauded the bill’s passage while taking shots at each other’s party.
We prevented a catastrophic default that would have decimated our economy and [inflicted] immense pain on families,” tweeted Senate Majority Leader Chuck Schumer (D-NY). “We preserved the lion’s share of the historic investments we made. We took off the table the worst parts of the MAGA Republican plan that would have hurt families.”
Senate Minority Leader Mitch McConnell (R-KY) released a statement that said: “Thanks to House Republicans’ efforts, the Fiscal Responsibility Act avoids the catastrophic consequences of default and begins to curb Washington Democrats’ addiction to reckless spending that grows our nation’s debt.”
The legislation, which arose out of an agreement struck between White House officials and Speaker Kevin McCarthy (R-CA), comes ahead of what has become known as the “X-date” on June 5, when Treasury Secretary Janet Yelen predicted reserves could run out.