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.

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Advertisement. Closing in 15 seconds.