The US Senate has approved a bipartisan agreement to raise the debt ceiling and reopen the government, averting a potential default that could have had catastrophic consequences for the global economy.

The bill, passed with a comfortable margin, provides funding to keep the government running until January 15 and suspends the debt limit until February 7. This agreement brings an end to the political gridlock that has paralyzed Washington for weeks.

Key provisions of the deal include:

• Funding the government through January 15.
• Suspending the debt limit through February 7.
• Requiring negotiations on a broader budget agreement.

The passage of this bill is a significant victory for both parties, demonstrating a willingness to compromise in the face of a looming crisis. However, it is only a temporary solution, and further negotiations will be necessary to address the underlying fiscal challenges facing the nation.

The President is expected to sign the bill into law promptly, ensuring that the government can resume normal operations and the nation’s creditworthiness is preserved.