Senate passes debt relief bill, Biden signature next

The Senate passed the Fiscal Responsibility Act (H.R. 3746) late Thursday night, which extends the U.S. debt ceiling to Jan. 1, 2025. President Biden is expected to sign the measure shortly.

The legislation rescinds unspent COVID-related funding, and will likely have effects on credit union appropriations priorities. 

However, CUNA's analysis shows the legislation is preferable to a default.