Fending off a U.S. default, the Senate gave final approval late Thursday to a debt ceiling and budget cuts package, grinding into the night to wrap up work on the bipartisan deal and send it to President Joe Biden's desk to become law before the fast-approaching deadline.

The compromise package negotiated between Biden and House Speaker Kevin McCarthy leaves neither Republicans nor Democrats fully pleased with the outcome. But the result, after weeks of hard-fought budget negotiations, shelves the volatile debt ceiling issue that risked upending the U.S. and global economy until 2025 after the next presidential election.

MORE: https://www.cbs8.com/article/news/nation-world/debt-ceiling-deal-headed-to-senate/507-be139e19-57b7-4740-ac47-2925bc67d082