The Senate has approved an emergency bill to avert a first-ever government default with just hours to spare.
The strong bipartisan vote was 74-26. The measure now heads to President Barack Obama for his signature. The legislation makes a down payment on taming out-of-control budget deficits.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.
Emergency legislation to allow the government to borrow more money headed toward passage in the Senate Tuesday with just hours to spare before the national debt bumps against its ceiling. Expected approval sends the bill to President Barack Obama, averting a potentially disastrous, first-ever government default and making a down payment toward taming out-of-control budget deficits.
“Finally Washington is taking responsibility for spending money it doesn’t have,” Sen. Lamar Alexander, R-Tenn., said at the start of debate.
The legislation, which easily passed the House on Monday, is virtually assured to clear the Senate at midday noon by a bipartisan tally. The White House promises that Obama will quickly sign the measure into law. Obama planned to issue a statement after the vote. Read More
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