US Senate passes bill to avoid havoc causing debt default 

Mark Battersby
clock • 1 min read

The US Senate narrowly passed a bill to suspend the debt ceiling on Thursday night (01 June), sending the legislation to Joe Biden's desk and averting a highly damaging federal default. The final vote was 63 to 36, with 46 Democrats and 17 Republicans supporting the bill while five Democrats and 31 Republicans opposed the legislation. Sixty votes were needed to pass the bill. Biden applauded the Senate's accomplishment and promised to sign the bill as soon as it reaches his desk, with just days to go before the 5 June default deadline. Biden said in a statement: "Tonight, senators ...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now


Already a International Investment member?