Senate Passes , Debt Ceiling Bill.<br />On June 1, the Senate passed a bill to suspend the nation's debt ceiling for another two years.<br />It cleared by a vote of 63-36, <br />NBC News reports. .<br />The House passed the bill on May 31, <br />so now it will go to President Joe Biden.<br />The deadline to sign the bill into law is June 5, but the president is expected to do so immediately. .<br />Senate Majority Leader Chuck Schumer issued a statement about the bill's passage.<br />America can breathe a sigh <br />of relief. Because in this process we are avoiding default, Chuck Schumer, Senate Majority Leader, via statement.<br />The consequences of default would be catastrophic, Chuck Schumer, Senate Majority Leader, via statement.<br />Senate Minority Leader Mitch McConnell referred to the bill as "an urgent and important step in the right direction — for the health of our economy and the future of our country.".<br />President Biden is expected to address the country at 7 p.m. ET on June 2, NBC News reports
