The Senate voted to raise the nation's debt limit into December after Republicans joined Democrats in breaking a filibuster. The vote was 50 to 48.
The vote only needed a simple majority to succeed. Now that the Senate has approved the debt limit extension, the House will next have to approve it before it can be sent to President Biden for his signature.
House Speaker Nancy Pelosi indicated earlier this evening that members may need to come back early to vote on the measure if it passed the Senate.
How we got here: Senate Majority Leader Chuck Schumer announced Thursday morning that a deal had been reached, paving the way for a final vote. An aide familiar with negotiations told CNN that the deal is to increase the ceiling by $480 billion, which is how much the Treasury Department told Congress it would need to get to Dec. 3.
The announcement came a day after Senate Minority Leader Mitch McConnell publicly floated a debt ceiling proposal, which sparked negotiations between the two parties to reach an agreement.
Both parties have made clear that the country must not default and that even coming close to it would likely bring catastrophic economic consequences.