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The U.S. Senate voted to pass the debt ceiling bill on Thursday, averting a looming default.
The bipartisan bill now goes to President Joe Biden's desk for signature.
Biden said that he looks forward to "signing this bill into law as soon as possible and addressing the American people directly tomorrow," shortly after its passage through the Senate.
The Senate voted 63-36 to approve the bill. It was passed on Wednesday by the House of Representatives.
The Treasury Department had warned it would be unable to pay all its bills on June 5 if Congress failed to act by then.
Before the final vote, senators tore through nearly a dozen amendments – rejecting all of them during a late-night session in anticipation of Monday's deadline.
With this legislation, the statutory limit on federal borrowing will be suspended until January 1, 2025. Unlike most other developed countries, the United States limits the amount of debt the government can borrow, regardless of any spending allocated by the legislature.
Senate Majority Leader Chuck Schumer and his Republican counterpart, Minority Leader Mitch McConnell, delivered on their promise to do all they could to speed along the bill negotiated by Biden and Republican House Speaker Kevin McCarthy.
"America can breathe a sigh of relief," Schumer said in remarks to the Senate.
(With input from Reuters)
(Cover: The U.S. Capitol in Washington, D.C. /CFP)
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Disinformation report hotline: 010-85061466