Congress passes bill to extend borrowing authority
WASHINGTON – Congress sent President Barack Obama drama-free legislation on Thursday raising the debt ceiling, averting a government default and putting off the next tax-and-spending clash between the White House and Republicans until later in the year.
The measure cleared the Senate on a vote of 64-34 after winning House approval late last week. It permits the Treasury to borrow above the current $16.4 trillion debt limit through May 18. The White House has said Obama will sign it.
"Failure to pass this bill will set off an unpredictable financial panic that would plunge not only the United States but much of the world back into recession," Sen. Max Baucus, D-Mont., said before the vote. "Every single American would feel the economic impact."
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