The U.S. Senate on Thursday passed the bipartisan legislation backed by President Joe Biden that lifts the government's $31.4 trillion debt ceiling, averting what would have been a historic, first-ever default.
But according to nonpartisan budget analysts, it might deliver less budget savings than Republicans have hoped for.
The agreement ensures that Biden will not have to grapple with another debt-ceiling showdown until after the November 2024 election.