Debt deal passes Senate

President Biden says it’s a "big win" for the economy and plans to address the deal on TV tonight. ABC News’ Justin Finch reports.
1:52 | 06/02/23

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Transcript for Debt deal passes Senate
JUSTIN FINCH: With only days to spare, the Biden-McCarthy debt ceiling deal cleared the Senate. - The yays are 63. The nays are 36. The 60-vote threshold having been achieved, the bill is passed. JUSTIN FINCH: The upper chamber passing the compromise legislation after racing through a series of amendment votes and incoming fire from some senators on the right and left. - The people who negotiated this, I wouldn't let them buy me a car. - This debt ceiling agreement will cut programs for some of the most vulnerable people in America. JUSTIN FINCH: In a statement, President Biden thanked Senate leaders for quickly passing the bill and adding, "No one gets everything they want in a negotiation." And calling the bipartisan agreement, "a big win for our economy and the American people." Senate Majority Leader Chuck Schumer hailing Democrats for pushing the package through Congress. - We did a very good job of taking the worst parts of the Republican plan that would have hurt so many families, and we took those worst parts off the table. JUSTIN FINCH: Senate Republicans winning guarantees the chamber will also consider future national security and defense spending increases, including aid for Ukraine. - We cannot, cannot neglect our fundamental obligation to address the nation's most pressing national security challenges. JUSTIN FINCH: The deal brokered by the President and House Speaker Kevin McCarthy, suspends the debt ceiling until January 2025, pulls back billions in COVID and IRS funding, and preserves programs, including Social Security and veterans' benefits. And Congress managing to pass the deal before June 5, when Treasury Secretary Janet Yellen warned the US could default and potentially trigger an economic crash. The President now set to sign the bill soon and address the nation tonight.

This transcript has been automatically generated and may not be 100% accurate.

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