WASHINGTON, June 1 Reuters The U.S. Senate on Thursday passed bipartisan legislation backed by President Joe Biden that lifts the government39;s 31.4 trillion debt ceiling, averting what would have been a firstever default.

The Senate voted 6336 to approve the bill that had been passed on Wednesday by the House of Representatives, as lawmakers raced against the clock following months of partisan bickering between Democrats and Republicans.

The Treasury Department had warned it would be unable to pay all its bills on June 5 if Congress failed to act by then.

We are avoiding default tonight, Senate Majority Leader Chuck Schumer said on Thursday as he steered the legislation through his 100member chamber.

Biden praised Congress39; timely action. This bipartisan agreement is a big win for our economy and the American people, the Democratic president said in a statement, adding that he will sign it into law as soon as possible. He said he would make an additional statement on Friday at 7 p.m. EDT 2300 GMT.

Biden was directly involved in negotiations on the bill with House Speaker Kevin McCarthy.

While this bitter battle has ended, Senate Republican Leader Mitch McConnell wasted no time flagging the next budget fight.

In the coming months, Senate Republicans will continue working to provide for the common defense and control Washington Democrats reckless spending, he said in a statement.

McConnell was referring to 12 bills Congress will work on over the summer to…