Schumer: Dems are 'happy' as debt limit deal passed

STORY: The U.S. Senate on Thursday (June 1) passed bipartisan legislation backed by President Joe Biden that lifts the government's $31.4 trillion debt ceiling, averting what would have been a first-ever default.

"We may be a little tired, but we did it," said Schumer.

The Senate voted 63-36 to approve the bill that had been passed on Wednesday (May 31) 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.