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