Senate burns the midnight oil to pass debt bill

The U.S. Senate late on Thursday night passed legislation to expand the national debt limit. The legislation is now headed to the president's desk. Once signed, the deal would raise the debt ceiling through the start of 2025 while capping spending for two years. It also would recapture billions of dollars in unspent COVID-19 relief funds and cut back funding for the IRS.

What did it take to pass the bill? The bipartisan bill negotiated by President Biden and Republican House Speaker Kevin McCarthy faced opposition on both sides of the aisle in the Senate but ultimately passed 63 to 36. Senate Majority Leader Chuck Schumer, D-N.Y., earlier said the Senate would remain in session until it passed the debt agreement. Senate Minority Leader Mitch McConnell, R-Ky., also supported the legislation.

Dig Deeper: Read Leo Briceno’s report in The Stew about the House of Representatives passing legislation to raise the debt ceiling.