The passage of the bill will avert the US default.

The final voting tally over the issue was 63 to 36.

The bill can now go to President Joe Biden to be signed into law. The measure would suspend the nation’s debt limit through January 1, 2025, to avert a first-ever US default, reports CNN.

Reacting to the development, US President Joe Biden tweeted: "Just now, Senators from both parties voted to protect our hard-earned economic progress and prevent a first-ever default."

"No one gets everything they want in a negotiation, but make no mistake: this bipartisan agreement is a big win for our economy and the American people," he said.

"Our work is far from finished, but I look forward to signing this bill into law as soon as possible and addressing the American people directly tomorrow," Biden tweeted.

Senate Minority Leader Mitch McConnell said: " Tonight, the Senate voted to avoid default and begin to curb Washington Democrats' addiction to reckless spending. Four months after @SpeakerMcCarthy invited @POTUS to begin negotiations, an important step toward fiscal sanity will finally become law."