‘America can now breathe a sigh of relief’

Biden said in a statement following passage that senators from both parties “demonstrated once more that America is a nation that pays its bills and meets its obligations — and always will be.”

He said he would sign the bill into law as soon as possible. “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,” the president said. The White House said he would address the nation about the matter at 7 p.m. EDT Friday.

Fast action was vital if Washington hoped to meet next Monday’s deadline, when Treasury has said the U.S. will start running short of cash to pay its bills, risking a devastating default. Raising the nation’s debt limit, now $31.4 trillion, would ensure Treasury could borrow to pay already incurred U.S. debts.

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