Congress Passes Debt-Limit Plan

Bill averting default now goes to President Obama for signing.

Congress approved a debt-limit compromise that prevents a U.S. default, sending the measure to President Barack Obama on the day the Treasury had warned the nation’s borrowing authority would expire.

The Senate voted 74-26 for the measure, which raises the nation’s debt ceiling until 2013 and threatens automatic spending cuts to enforce $2.4 trillion in spending reductions over the next 10 years. The House passed the plan yesterday.

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