Senate passes bill to raise debt ceiling, preventing first-ever U.S. default

(CNBC) The Senate late Thursday passed a House-approved bill to raise the debt ceiling and cap government spending for two years, sending the legislation to President Joe Biden’s desk .He is expected to sign it Friday and address the nation at 7 p.m. ET, just three days before the U.S. risked its first-ever sovereign debt default. “No one gets everything they want in a negotiation, but make no mistake: This bipartisan agreement is a big win for our economy and the American people,” Biden said in a statement.

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