Debt ceiling deal clears Senate

The Senate voted 63-36 Thursday night in favor of an agreement to raise the debt ceiling. The legislation, which cleared the House on Wednesday, now heads to President Biden to sign into law. The deal struck by Biden and House Speaker Kevin McCarthy (R-Calif.) also contains provisions to limit government spending. Earlier this week, the American Bankers Association and other financial sector trade associations urged lawmakers in both parties to reach an agreement to prevent what they said would be irreparable harm to the U.S. economy.