US Debt Drama Nears End as Senate Tackles Default Threat

News Snapshot:

US senators raced Thursday to pass a bipartisan debt limit deal approved overwhelmingly by the House of Representatives, with the worst-case scenario of an economy-cratering default seemingly avoided. The Treasury has warned it could run out of money to pay its bills by Monday — leaving almost no room for delays in enacting the Fiscal Responsibility Act, which suspends the debt limit through 2024 while trimming federal spending. The bill passed the House on Wednesday with a big majority of 314 votes to 117 — putting it on a glide path to the White House for President Joe Biden’s signature....