WASHINGTON, June 1 (Xinhua) -- After months of partisan arm-wrestling, the U.S. Congress approved the bill to raise America's debt ceiling after the Senate's passage late Thursday, the 103rd time since 1945, allowing the government to avert a debt default by borrowing more.
The Senate approved the bill in a 63-36 vote. Previously okayed by the House of Representatives in a 314-117 vote, the act suspends the debt ceiling until January 2025.
The debt ceiling is a cap on the total amount of money that the United States is authorized to borrow to fund the government and meet its financial obligations. ■