US Capitol police stand outside the Capitol building as the Senate votes on debt ceiling legislation to avoid a historic default at the U.S. Capitol in Washington, US, June 1, 2023. (Photo: REUTERS)

The Senate voted 63-36 to approve the bill that had been passed on Wednesday by the House of Representatives, as lawmakers raced against the clock following months of partisan bickering between Democrats and Republicans. 

The Treasury Department had warned it would be unable to pay all its bills on June 5 if Congress failed to act by then. 

President Joe Biden praised Congress’ timely action. “This bipartisan agreement is a big win for our economy and the American people,” the Democratic president said in a statement, adding that he will sign it into law as soon as possible.

Biden was directly involved in negotiations on the bill with House Speaker Kevin McCarthy.