U.S. debt ceiling bill passes Congress, 'soon' to be signed by Biden

The U.S. Senate voted to pass the debt ceiling bill on Thursday, averting a looming default. The Senate voted 63-36 to approve the bill. It was passed on Wednesday by the House of Representatives. The bipartisan bill now goes to President Joe Biden's desk for signature.

Biden said that he looks forward to "signing this bill into law as soon as possible and addressing the American people directly tomorrow," shortly after its passage through the Senate. The Treasury Department had warned it would be unable to pay all its bills on June 5 if Congress failed to act by then.