'A big win for our economy': Debt ceiling deal heads to Biden's desk

The U.S. Senate, by a vote of 63-36, passed legislation to raise the country's debt ceiling and avoid a potentially economically disastrous default days before the June 5 deadline, according to The New York Times

The Fiscal Responsibility Act reduced some discretionary spending, including imposing new restrictions on claiming food assistance, but bigger programs like Medicare and Social Security were left alone.

"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," President Joe Biden said. "It safeguards peoples' healthcare and retirement security, protecting bedrock programs like Social Security, Medicare, and Medicaid."

The bill now heads to President Biden's desk for his signature.

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