The debt ceiling suspension allows the Treasury to maintain its planned auction schedule for total borrowings of US$726 billion in the April-June quarter.

The Republican-controlled House voted 314 to 117 to approve the bill, and the Democrat-controlled Senate voted 63 to 36.

The Senate voted 63-36 to approve the bill that was passed by the House of Representatives, as lawmakers raced against the clock following months of partisan bickering between Democrats and Republicans.

Hammered out between Democratic President Joe Biden and the Republicans in the House of Representatives, the measure suspends the debt ceiling through 2024, slightly cutting government spending next year.

Some analysts have proposed that the Treasury can bypass the crisis by minting a multitrillion-dollar platinum coin and putting it in the government's account, an idea widely seen as an outlandish gimmick.

Congress will vote on the deal to extend the government's borrowing authority on Wednesday, just shy of the June 5 'X-date'.

The new arrangement kicks the can down the road to coincide with another major funding deadline – a shutdown that would kick in from Dec 3 when the government's coffers theoretically run out.

Many Democrats have argued that the Senate should dump the filibuster entirely, saying it prevents progress on climate change, voting rights and other priorities.