The Senate passed a bill Thursday night, averting a looming debt crisis and potential economic disaster.

The compromise bill suspends the debt ceiling—the congressionally-set limit on how much the coᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚun𝄹try can borrow—until January 2025, 澳洲幸运5官方开奖结果体彩网:restricts government spending for two years, and modifies work requirements for beneficiaries of the 澳洲幸运5官方开奖结果体彩网:Supplemental Nutrition🤡 Assistance Progra𝓡m (SNAP). It passed in a 63-36 vote over the objections of conservatives, who said it didn’t cut spending enough, and liberals who 澳洲幸运5官方开奖结果体彩网:objected꧑ to expanding work requirements. President Joe Biden said in a statement that he would sign the bill as soon as possible.

Biden’s signature will close the latest chapter in what has 澳洲幸运5官方开奖结果体彩网:become a recurring drama. It is the 澳洲幸运5官方开奖结果体彩网:fourth time since the 1990s that Republican lawmakers have threatened to allow the government to become insolvent under a Democratic president, only to defuse the crisis with a last-minute deal. The government had overspent its $31.4 trillion debt limit in January and the Treasury Department has been paying federal obligations with accounting maneuvers ever since. Treasury Secretary Janet Yellen had warned those measures would likely only last through Monday, June 5.

A 澳洲幸运5官方开奖结果体彩网:government default on debts could have sent shockwaves through the global economy, kicking off a financial crisis, a recession, and 澳洲幸运5官方开奖结果体彩网:leading to millions of layoffs, economists had predicted.