Senate Minority Leader Mitch McConnell and Senate Majority Leader Chuck Schumer were hammering out an agreement on how to manage the debt vote through the upper chamber of Congress. (Photo: AFP)
WASHINGTON: United States senators voted to suspend the federal debt limit Thursday, capping weeks of fraught negotiations to eliminate the threat of a disastrous credit default just four days ahead of the deadline set by the Treasury.
Economists had warned the country could run out of money to pay its bills by Monday — leaving almost no room for delays in enacting the Fiscal Responsibility Act, which extends the government’s borrowing authority through 2024 while trimming federal spending.
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